Barn conversion mortgage - 90%??

AnnaG0505

Investigating the potential of a barn conversion. Will need a 90% mortgage. 100K for barn and 100k for conversion .

Websites have been mentioned to give 90% mortgages - but when investigated further can't find any sign of a 90% barn conversion or self-build mortgages!

Any tips/experience with this would be very much appreciated!

Thanks 🙏

glosoli

It is highly unlikely that you will secure a residential mortgage on the barn prior to it being converted into a residential house.

Essentially the conversion will have to take place first and done to a mortgagable standard before any mainstream lender would put a mortgage on it. Furthermore once the conversion is complete it would be classified as a new build property so you need to be cautious about different lenders max LTVs towards new builds.

The only way I can see it working is to borrow the funds against another asset or utilise savings, and then once complete release equity to replenish savings / repay the other borrowing.

dimbo61

You will need a mortgage broker !
Lenders will lend on an asset and building land is an asset.
They will not lend on something that is not yet built !
Some specialist self build lenders will lend in stages as the work progresses