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Demolishing a Mortgaged Property

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  • Demolishing a Mortgaged Property

    I'd like to buy a house on a large plot of land, and demolish it and start again.

    Can anybody advise what the implications are of doing this if I got a normal mortgage, i.e. not a self-build mortgage?

    Is there any way the bank would discover that I'd done this?

  • #2
    I think any attempt to try and draw the wool over the bank's eyes is a bad idea from the start. I certainly wouldn't advise trying that.

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    • #3
      Financing is available for this type of development without doing anything illegal. I would strongly recommend doing all developments the right way, is it worth the sleepless nights???

      I have a development finance company that would be able to assist.

      Feel free to email

      Regards

      bonettipropertyconsultants.co.uk

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      • #4
        When you want to demolish the existing property on a plot of land you are in fact lowering the value of the site albeit temporarily and to demolish without a lenders consent is to commit fraud or certainly some kind of similar offence. Mortgages are definitely not the right product but there are lenders who can accomodate this out there!
        Mark
        Bridging Loans | Property Development Finance

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        • #5
          I did not know that was fraud. That does make sense though.

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