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Mortgaging/buying next door
moanypoo
Posts: 9 Forumite
hi all. Read as much as I can about this but haven't found any answers.
Before every one tells me, I'm aware it'll be worth less than two separate.
Looking to buy the house next door. It needs refurbishing and isnt in great condition, and the house used to be one in the 1950s, the job dividing them isnt great.
The house we live in is owned by my partner, she has only lived there 2 years and put 10% down and bought it for 150k.
Next door should be worth about 120k..... ish in the condition it is in.
I own another property , owe 125k and is worth about 200k. Have been told I'm able to pull about 30k by remortgaging if required. This house is currently being let out.
How do we finance the purchase of next door. Combined with savings we have approx 45k unless i sell my house in which we would have 70/80k
Cheers
Rick
Before every one tells me, I'm aware it'll be worth less than two separate.
Looking to buy the house next door. It needs refurbishing and isnt in great condition, and the house used to be one in the 1950s, the job dividing them isnt great.
The house we live in is owned by my partner, she has only lived there 2 years and put 10% down and bought it for 150k.
Next door should be worth about 120k..... ish in the condition it is in.
I own another property , owe 125k and is worth about 200k. Have been told I'm able to pull about 30k by remortgaging if required. This house is currently being let out.
How do we finance the purchase of next door. Combined with savings we have approx 45k unless i sell my house in which we would have 70/80k
Cheers
Rick
0
Comments
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What are you planning to do with it? If you're intending to un-divide the houses, I doubt you can use either for standard mortgages while you carry out the work, it would need to be some sort of development finance (lenders won't normally want to risk repossessing a building site or half a house).
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My son bought the house next door...it was detached and he was doing a large extension on his property..wanted to pinch some garden and rent it out.
The mortgage took 10months to finalise absolute nightmare
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I plan on putting it back to one.
Luvchocolate we who did he use ?0 -
He used the mortgage lender from their own house Nationwide.
They thought it was unusual to buy a property next door.
For 10 months he had to finance it himself until it was sorted...a very stressful time.0 -
Ah, so he paid for it then remortgaged after it was converted into one ?0
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No...he had to raise funds to complete the purchase while they made their decision and process the application and that was using a broker
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Any idea what broker he used?0
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No sorry I don't0
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