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buying next door to make one house - need special mortgage
Options
nmayhew
Posts: 4 Newbie
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
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
0
Comments
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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.0
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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.0 -
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 facilitate0 -
HSBC, with whom we have existing mortgage with, plus London and Country
both were very much 'computer says no'0 -
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.0
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