mortgage for a barn conversion? can anybody help?
Discussion
PH, back in December I tried and failed miserably to buy another house. I have 3 flats, which consist of 1 purpose built in a block, and a house converted into 2 flats.
The income from the flats far exceeds the mortgages.
The house I tried to buy was a genuine absolute bargain, but in need of renovation.
I tried 2 advisors and made 3 applications and only one offered to lend, but with 60% deposit. WTF!
I have good credit, so I really cannot work out the problem. Is mortgage lending really that tight at the moment?
I now have my eye on a fantasic detached barn conversion which is at a great price, but am struggling for enthusiasm because of my previous experiance.
Help anybody? Mark.
The income from the flats far exceeds the mortgages.
The house I tried to buy was a genuine absolute bargain, but in need of renovation.
I tried 2 advisors and made 3 applications and only one offered to lend, but with 60% deposit. WTF!
I have good credit, so I really cannot work out the problem. Is mortgage lending really that tight at the moment?
I now have my eye on a fantasic detached barn conversion which is at a great price, but am struggling for enthusiasm because of my previous experiance.
Help anybody? Mark.
unclemark123 said:
PH, back in December I tried and failed miserably to buy another house. I have 3 flats, which consist of 1 purpose built in a block, and a house converted into 2 flats.
The income from the flats far exceeds the mortgages.
The house I tried to buy was a genuine absolute bargain, but in need of renovation.
I tried 2 advisors and made 3 applications and only one offered to lend, but with 60% deposit. WTF!
I have good credit, so I really cannot work out the problem. Is mortgage lending really that tight at the moment?
I now have my eye on a fantasic detached barn conversion which is at a great price, but am struggling for enthusiasm because of my previous experiance.
Help anybody? Mark.
You havent mentioned how much deposit you have, this is key.The income from the flats far exceeds the mortgages.
The house I tried to buy was a genuine absolute bargain, but in need of renovation.
I tried 2 advisors and made 3 applications and only one offered to lend, but with 60% deposit. WTF!
I have good credit, so I really cannot work out the problem. Is mortgage lending really that tight at the moment?
I now have my eye on a fantasic detached barn conversion which is at a great price, but am struggling for enthusiasm because of my previous experiance.
Help anybody? Mark.
There's some mortgage bods on PH who'll be along shortly no doubt. Or you could give my mate Graham a call, he knows his stuff and specialises in complex/unusual cases BTL Mortgages
Re-reading your post, it may not be a BTL mortgage you're looking for on the barn? Either way, he'll be able to help I'm sure, I know he often does portfolio type stuff where he ties up lots of loose ends for clients.
Re-reading your post, it may not be a BTL mortgage you're looking for on the barn? Either way, he'll be able to help I'm sure, I know he often does portfolio type stuff where he ties up lots of loose ends for clients.
Finance for a barn conversion is especially difficult at the moment, as it's in effect a self-build deal. AFAIK, there are only 3 major players at the moment, and only two of those are any good. If everything stacks up, you can potentially get 75% of the ongoing value - let me know if you want detailed info
Please clarify if the conversion is not yet done? If so then this is indeed a self-build as per the previous post.
If the property is habitable and has been signed off for NHBC/Building control then I don't see the problem - your BTL's should be considered as self-funding by the majority of lenders leaving your purchase (plus any other debt) to be serviced from your income.
If the property is habitable and has been signed off for NHBC/Building control then I don't see the problem - your BTL's should be considered as self-funding by the majority of lenders leaving your purchase (plus any other debt) to be serviced from your income.
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