Trying to buy the house next door, need mortgage advice

Louise129

Trying to buy the house next door. Was originally one property split in 2 late 1980s, opportunity to buy the other half, we are currently mortgage free but will need a small mortgage to buy it. Which lenders and which type of mortgage?? Some seem reluctant to lend on house next door?? Help please TIA x 

K_S

@Louise129 What's the purpose of purchase? To let it out or something else? And how "next-door" is it - two detatched houses side by side, or semi-detatched paid or terraced?

Unfortunately, as you have discovered, some lenders simply refuse to lend on properties next door if the property is adjoining for fear of the owners knocking  through and creating one dwelling. Understandably, that risk is reduced if there is clear space between the one they own and the one they intend to purchase. Others will leave it to the valuer to assess the same

MWT

The lenders will be concerned that you intend to combine the two properties thus making it hard to sell the one they have lent on and have a charge over.

Time to talk to a broker, several are active on the group if you don't already have one in mind...

[Deleted User]

Are you going to turn it in to 1 house?  Maybe best to fund the small mortgage through development finance or bridging loan and then apply for a mortgage on the completed single dwelling afterwards 

luvchocolate

There was a thread on this board asking the same question..maybe do a search might be useful 

Slinky

I'm no expert but how about equity release from your own property?

pinkteapot

There's another thread on this on House Buying (my fault - over there I suggested OP post here for better mortgage advice). 
OP has updated *that* thread to explain that yes, the purpose is to buy next door and knock through (attached houses): 
https://forums.moneysavingexpert.com/discussion/comment/77815268/#Comment_77815268

And has an answer from a broker: https://forums.moneysavingexpert.com/discussion/comment/77815356/#Comment_77815356