Mortgage for 2 properties on one deed - to be used as single family residential property - help!

CatEthers

Hi All,
Looking for some insight into buying 2 properties on a single deed. This is a 2 bed house with a 2 bed extension, effectively a second self contained property which the current owners have had tenants in. There is no internal connection as of right now. We are looking at the property for our family with older kids and would be using it as a family home, possibly adding an internal door although since we have not been ale to view the property as yet, it is unclear how easy this would be. 
So, my question is about mortgage. I know nothing about mortgages but the agent says it could be tough to get a residential mortgage for this type of purchase? Does anyone know anything about this?

Blackbeard_of_Perranporth

If you are buying one property, then buy one property. The one you are on about has a granny annex! Treat it as that. If the man from the mortgage company says no, use your legs and look for another advisor!

CatEthers

Blackbeard_of_Perranporth said:

If you are buying one property, then buy one property. The one you are on about has a granny annex! Treat it as that. If the man from the mortgage company says no, use your legs and look for another advisor!

So, you're saying to describe it as a granny annexe to the mortgage lender?
They are on the same deed and under single utilities too....

davidmcn

Blackbeard_of_Perranporth said:

If you are buying one property, then buy one property. The one you are on about has a granny annex! Treat it as that. If the man from the mortgage company says no, use your legs and look for another advisor!

The advice the OP has had is correct, lenders tend to be reluctant to accept this sort of property under standard mortgages (as there's the obvious perceived risk that the annexe is going to have undeclared tenants in it). Probably one for a broker.

ACG

I came across a lender who would potentially do this yesterday while looking for something else. 
Their products are not great - 3-4%. 
You might actually find it better to buy the property under some sort of bridging loan, connect them up and then remortgage with a normal lender, but it really depends on the details, number of kitchens and so on. I think you need to sit down with a broker to understand what your options are as it will be quite specific to the property and your plans.