Mortgage Question: Buying next door..

[nekrum]

Hi, any advise / comments on the following would be greatly appreciated..

We live in a semi-detached house and the house next door has come up for sale. Anyone know if there are any mortgage lenders that would lend to buy next door but allow us to knock the two houses together and still have a single mortgage?!.. Would there be any planning issues?!..

Thanks

[princeperch]

I have a friend who did this and the mortgage he ended up getting for the second purchase (I kid you not) was a product for a "holiday home"....

[Sarnie]

nekrum said:

Hi, any advise / comments on the following would be greatly appreciated..

We live in a semi-detached house and the house next door has come up for sale. Anyone know if there are any mortgage lenders that would lend to buy next door but allow us to knock the two houses together and still have a single mortgage?!.. Would there be any planning issues?!..

Thanks

Yes it can be done but I'd need more info on the figures.

Drop me a mail (I'm a mortgage broker) if you want some specific details.

[scotal]

princeperch said:

I have a friend who did this and the mortgage he ended up getting for the second purchase (I kid you not) was a product for a "holiday home"....

Which means either he only goes into the second house a couple of weeks a year or he's committed mortgage fraud.

[anonymous-user]

scotal said:

Which means either he only goes into the second house a couple of weeks a year or he's committed mortgage fraud.

Sounds very dodgy indeed......

[DonkeyApple]

The logistics are quite messy as you will want to register the two properties as one at the registry so as to be liable for one council tax bill etc.

The cleanest solution is to own one outright and then as you merge it simply become collateral.

Why not buy it on a BTL and let it out as an investment on the highest gearing possible and pay down your own mortgage to zero and then stick them together?

Another approach is to seek confirmation from estate agents that the two combined are worth much more than two separate and then talk to your bank. If they end up with a better LTv as a result they may listen.

A lot of properties are worth less when combined than separate so be careful.

[princeperch]

scotal said:

Which means either he only goes into the second house a couple of weeks a year or he's committed mortgage fraud.

I'm not sure why they would place such a condition on a holiday home mortgage. Shirly you would just tell the bank, its a second home (which it would be until you knock it about),and we aint renting it out?