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buying next door to make one house - need special mortgage

nmayhew
nmayhew Posts: 4 Newbie
Second Anniversary
in House buying, renting & selling
we want to buy next door to make one house and need specialist mortgage / financial advice for this

the basic high street lenders don't 'get what we want to do, or it's just a flat out no.

the background:
old farmhouse, Grade II listed, split in two in 1980s.
we own one half, and have chance to buy next door.
affordability works.

we need specialist mortgage advisor who can do bespoke arrangements.

any advice welcome.

many thanks

Comments

  • rosyw
    rosyw Posts: 519 Forumite
    PPI Party Pooper
    We did this a number of years ago with an old farmhouse that had also been split into two. We had a very small mortgage on the half that we already owned so managed to raise enough to buy "next door" by re-mortgaging. As I said, it was a number of years ago and lenders may not be so keen these days, but I wish you luck as it's wonderful to be able to restore an old house to it's original.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    nmayhew wrote: »
    affordability works.
    What percentage of (total) value will you need?
  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The big problem with getting a mortgage in this situation is that two semi detached properties are worth more than a single detached property. If something went wrong and they had to foreclose and sell the single property is worth less to them than the separate properties, it just doesn't make financial sense to for them to take the risk on it.

    Each house separate could be worth £500000, as a single it probably wouldn't be worth anywhere near £1million.
  • nmayhew
    nmayhew Posts: 4 Newbie
    Second Anniversary
    Fosterdog wrote: »
    The big problem with getting a mortgage in this situation is that two semi detached properties are worth more than a single detached property. If something went wrong and they had to foreclose and sell the single property is worth less to them than the separate properties, it just doesn't make financial sense to for them to take the risk on it.

    Each house separate could be worth £500000, as a single it probably wouldn't be worth anywhere near £1million.

    yes we know (all of) this, but thank you.

    we are looking for a specialist advisor to facilitate
  • nmayhew
    nmayhew Posts: 4 Newbie
    Second Anniversary
    davidmcn wrote: »
    What percentage of (total) value will you need?

    ltv approx 75%, but it depends on what value of the 'whole' is
  • mije1983
    mije1983 Posts: 3,665 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    nmayhew wrote: »
    we are looking for a specialist advisor to facilitate




    How many brokers (not banks or building societys) have you tried so far? I'm surprised none of them could recommend at least one lender who could look into the detail for you.
  • nmayhew
    nmayhew Posts: 4 Newbie
    Second Anniversary
    HSBC, with whom we have existing mortgage with, plus London and Country

    both were very much 'computer says no'
  • eddddy
    eddddy Posts: 18,345 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You could try googling for 'development finance' or 'bridging finance' to get a feel for the options.

    Once the project is complete, you could then look at getting a conventional residential mortgage.
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