New build alterations / mortgages

ssstu

Hi all -

I’ve recently bought a new build house off plan and the builder is allowing us to make alterations to make it our dream home (which we’ll be funding separate to the mortgage / despising). On plans it’s currently a 5 bedroom, two ensuite and double garage home. However, we want to knock two of the bedrooms together to create a master suite with balcony and convert the second ensuite into a dressing room. We also want to convert the garage into a lounge and store room. 

Our mortgage provider has already done a valuation and agreed to offer us a mortgage but this would have been done based on the original / current plans.

I would appreciate your views on:

1) will the changes impact my mortgage offer and do I need to notify them of these changes? The alternations are being paid for by us separate to the mortgage but If they do a further checks on completion they might be shocked to find a missing bedroom and garage and that could be valued differently?

2) Would a 4 bedroom (master bedroom bigger bedroom with dresser / ensuite and balcony) be of a similar resale value / to a home with five beds (but small bedrooms albeit with separate ensuites)?

Thanks in advance

lonibra

I may be wrong buy I think lenders will value off plan once before construction and then after. In case they reduce valuation then you have to make up the difference or find a different lender. I guess if that risk is ok with you, then I don't see a problem.

davidmcn

If they've valued "off plan", and the plan changes, then yes I'd expect they'd want to know - wouldn't you? Though I wouldn't expect a significant difference if the floor area of the house is the same.