Mortgage declined

Newthings

I'm in a pickle and really need some advice. If anyone has any good contacts or advice please reply. I've found a house which I viewed and the house is divided by two by a plasterboard wall so easy to take down. It has a kitchen upstairs and one downstairs. It had been rented as two flats. The estate agent explained its sold as one house not 2 flats.  I honestly thought it and still think its classed as one dwelling as its an actual house with a temporary divide. I've got everything ready, have had my mortgage in principle ready for this property, got a mortgage broker etc and was very transparent of the house layout. I had my mortgage declined today due to the surveyors report. Thats with virgin money. I was supposed to port my old mortgage across but they said 2 kitchens is a not for them. I'm quite scared now as I really don't know what to do. I made my current place a let to buy to release equity and now I'm scared I won't get this place. Are there any lenders that will provide a mortgage? My broker just dusted his hands of the situation and said its too hard for him to find a lender. I understand that but if anyone has any advice or a possible avenue I can take that would be great.

greatcrested

Many lenders will decline an an appliaction were there are 2 kitchens. They fear you will let half the property, making repossession hard if you run up mortgage arrears.

See an independant mortgage adviser.

Bit premature 'making your place a buy to let' before you have anywhere to live......

MovingForwards

Ask the seller to out it back to one house instead of two flats.

NameUnavailable

Is it empty? Can the vendor rip out the extra kitchen?

Newthings

Bless them, two old ladies own the place. I phoned up the estate agent to ask if they could possibly get someone to do this but he said they won't do that. Its sold as is. He's convinced I can find another lender, I'm not so sure

Newthings

greatcrested said:

Many lenders will decline an an appliaction were there are 2 kitchens. They fear you will let half the property, making repossession hard if you run up mortgage arrears.

See an independant mortgage adviser.

Bit premature 'making your place a buy to let' before you have anywhere to live......

Erm not really, I have somewhere to stay as I'm in a bubble with my family since coronavirus, so thought it was better to start renting it out. 

zemarcopolo

Is it a Leasehold or freehold?

Newthings

zemarcopolo said:

Is it a Leasehold or freehold?

Freehold, only one person under the title which is why this is all the more confusing why its being classed as 2 dwellings. 

davidmcn

Newthings said:

zemarcopolo said:

Is it a Leasehold or freehold?

Freehold, only one person under the title which is why this is all the more confusing why its being classed as 2 dwellings. 

It's the physical layout which matters here, not what the title looks like.

Thrugelmir

For residential mortgage purposes. The property needs to be returned to the state of a single dwelling. Mortgage lenders aren't overly trusting of potential borrowers. 

zemarcopolo

Newthings said:

Freehold, only one person under the title which is why this is all the more confusing why its being classed as 2 dwellings. 

Can you not turn the other kitchen into a store/home office/ utility room?