Splitting mortgage to allow build in own garden

Discussion in 'Building Regulations and Planning Permission' started by ADONAI, 30 Dec 2020.

  1. ADONAI

    ADONAI

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    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

    Ad.
     
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  3. Nakajo

    Nakajo

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    I think you are in the wrong forum
     
  4. ^woody^

    ^woody^

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    There is no finance forum
     
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  5. johnny2007

    johnny2007

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    Are you pongoman?
     
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  7. denso13

    denso13

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    Yes, especially with such a low mortgage ratio.
     
  8. ^woody^

    ^woody^

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    A mortgage has to be on the property. You are describing a loan secured on the property
     
  9. johnny2007

    johnny2007

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    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.
     
  10. ADONAI

    ADONAI

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    thanks everyone !
     
  11. DIYnot Local

    DIYnot Local

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