Mortgage Capital reduction

paul2702

A number of years ago I bought a house with a large corner plot, in fact it was large enough to build a new property on.
I managed to get planning permission but was messed about by the existing mortgage provider re release of land.
Anyway, I built the said property using loans and now it is completed I am trying to release the land from the mortgage company so I can either sell or re-mortgage but they want a capital reduction of £25,000.
Basically I am buying my own land.
Has anyone got any ideas on what I can do or do I just pay the £25,000

TIA

getmore4less

The problem is you property will have a lower value on the smaller plot.

More details needed like the current mortgage new and old value/LTV.

Value of the new plot with a house on it.

etc.

Thrugelmir

paul2702 wrote: »

Basically I am buying my own land.

The lenders land. You'll get the money back when the other property is sold.