Self funding self build mortgage?

billymadbiker

I have emailed various lenders but either get replies with details of self build mortgages or saying it's not suitable for residential lending as I need to mortgage the whole property but only part of it is habitable.

I presume if it did not have planning I might stand a chance as it would just be like any other house with sheds/garages/outbuildings - that's providing the valuation came back at the sale price obviously.

trex227

Is the property currently considered as residential from a planning perspective?

billymadbiker

Yes, there has been planning granted in full for the conversion which includes turning the holiday cottage part into full residential.

Currently the holiday cottage is 2 bedrooms and a bathroom upstairs, open plan kitchen and living room downstairs.

The plans show the other part of the barn being turned into a larger living room and a breakfast area placed in the existing living room.

The only real modification to the existing cottage is a single doorway put in on the ground floor to access the remaining area of the barn.

The outbuildings have planning permission to join up with the main barn and convert to another 2 bedroom and a bathroom.

billymadbiker

The only issue I can see with the anning is that it has a condition the the work needs to be started within 3 years,
I suppose that means that the currently active status is only as a holiday cottage.

It needs a hole putting in a wall for access/driveway which would count as enough work to activate the current planning and the vendor would be happy to do this but obviously wants to see an AIP from me first.

I dont think this is an issue yet though as none of the lenders that have turned me down have mentioned it!