unmortgageable house

kittyb49

there is a place i have fallen in love with its lovely plot of land, the main house on the land needs coming down so the agent said its mortgageable, but there is a bungalow on the land lovely place that they say is classed as an outbuilding 

would i be able to get a mortgage  on it do you think,

thinking of switching my house to a BLT and mortgaging to get the deposit on the new place for a mortgage 

kittyb49

kittyb49 said:

there is a place i have fallen in love with its lovely plot of land, the main house on the land needs coming down so the agent said its un mortgageable, but there is a bungalow on the land lovely place that they say is classed as an outbuilding 

would i be able to get a mortgage  on it do you think,

thinking of switching my house to a BLT and mortgaging to get the deposit on the new place for a mortgage 

sorry should say un mortgageable 

born_again

Only one way to find out. Ask for a mortgage.

But do you have any letting experience & aware of the possible pitfall

user1977

Why is the bungalow deemed to be an "outbuilding"? Is it not habitable in its own right?

Even if it is, I doubt (mainstream) lenders will want to take on a property which includes a house which requires demolition.

saajan_12

kittyb49 said:

there is a place i have fallen in love with its lovely plot of land, the main house on the land needs coming down so the agent said its mortgageable, but there is a bungalow on the land lovely place that they say is classed as an outbuilding 

would i be able to get a mortgage  on it do you think,

thinking of switching my house to a BLT and mortgaging to get the deposit on the new place for a mortgage 

you want to switch your house to a bacon sandwich?! (joke)

In all seriousness, this may be one that needs a development mortgage rather than a standard residential mortgage. You need a full service broker who knows which lenders would offer something suitable. 

sheenas

It not a dwelling so almost certainly not as is. You would to look into a self build project after you get planning permission to convert it to a dwelling. It will definitely need a kitchen and bathroom for a standard mortgage.

ReadySteadyPop

kittyb49 said:

there is a place i have fallen in love with its lovely plot of land, the main house on the land needs coming down so the agent said its mortgageable, but there is a bungalow on the land lovely place that they say is classed as an outbuilding 

would i be able to get a mortgage  on it do you think,

thinking of switching my house to a BLT and mortgaging to get the deposit on the new place for a mortgage 

Big responsibility and financial risk comes with being a landlord, is it really worth it?

Bossypants

How would you finance the demolition and either reconstruction of the main house or conversion of the outbuilding bungalow into a habitable building?

I admire what you're trying to do but building work on such a big project is going to be very expensive, even just in materials (assuming you do a lot of the labour yourself). Even just putting in plumbing and electrics will run you thousands of pounds.

GDB2222

Have you done any costing of this project? As others have said, you would need a development loan. 

kittyb49

sheenas said:

It not a dwelling so almost certainly not as is. You would to look into a self build project after you get planning permission to convert it to a dwelling. It will definitely need a kitchen and bathroom for a standard mortgage.

the bungalow is a proper little place with kitchen, bathroom ect, its a big plot of land with the main house needing to be taken down and the bunglow at the other end 

kittyb49

Bossypants said:

How would you finance the demolition and either reconstruction of the main house or conversion of the outbuilding bungalow into a habitable building?

I admire what you're trying to do but building work on such a big project is going to be very expensive, even just in materials (assuming you do a lot of the labour yourself). Even just putting in plumbing and electrics will run you thousands of pounds.

i wouldnt be bothered to big a new house to be honest the bunglow is really nice,

plus i've just done a full reno of my house it had electric storage heaters, i put the full heating system in minus the gas boiler, complete new bathroom new walls new floors on my own