Splitting mortgage to allow build in own garden

Joined
3 Jan 2010
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United Kingdom
Hi
Sorry if in the wrong forum - i have a 20% mortgage on a property with a large garden.
my aim is to build another property in the garden but would need refinancing via an
increased mortgage.
the new property would then be sold and "split" from the existing mortgage and property.

are lenders likely to allow such an arrangement ?

Thanks

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A mortgage has to be on the property. You are describing a loan secured on the property
 
You can borrow more money on your existing mortgage and then start the process of building.
Before you change the land registry records you will need to contact the mortgage lender because they have a charge on the property.
They will then have to agree on the proposed changes.
With such low loan to value ratio, it shouldn't be a problem.
 

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