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A lender who'll take a risk...

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  • A lender who'll take a risk...

    Hi all,

    New here, I hope this is the place to help me.

    We have a mortgage on our property of £175,000 and the place is worth around £220,000.
    We want to additionally purchase the house next door to it, knock through and extend to create a large detached property with nearly an acre of land. We have absolutely no doubt that the end product will be amazing and worth a small fortune as we're in a very sought after area in Cheshire.

    All the lenders we speak to are more than happy to offer their help once we've managed to get funding for the house and work funnily enough.

    However, everyone we've spoken to so far has been very unsure about lending the money for the additional property. We could fetch 10% of the value as a deposit, but not much else and it's probably worth £180,000 in total.

    Does anyone know of any mortgage lenders that would do more of a bespoke structure to help us? Most seem to be very 'computer says no' which doesn't help us at all.

    Any thoughts?
    Last edited by jamesg; 05-02-2010, 03:34 PM.

  • #2
    Re: A lender who'll take a risk...

    If you had planning permission in place to do the conversion it would be possible to arrange funding for the whole operation. Without this you will be limited to raising another seperate mortgage but then you have the issue of not having the money to do the works.

    Have you equity / savings / capital anywhere else?
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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