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Can You Get a Mortgage That Will Allow You to Either Knock Down and Rebuild a House or Add to or Extend a House?

Answered on 10 July 2019

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Can You Get a Mortgage that Allows You to Demolish a House?

Answered by: Nicholas Mendes

Mortgage that allows you to Demolish a house

The short answers is ‘yes’ you can. Depending on what you are looking to do with the property once it’s been built, we look to arrange either a “self-build” mortgage, or bridging / development finance. If you intend to live in it as your main residence, then a self-build mortgage is likely to be your main option, however if you are looking to sell it on or rent it out, then bridging / development is more the route to look at.

Lender considerations

There are a number of factors that lenders take into account when looking at thes, such as the end value of the new property, and the exit strategy,  i.e. will you able to remortgage if it’s to be your main residence, or sell it, or obtain buy-to-let finance.

It’s worth exploring your options in a bit more detail, and you can do this by contacting one of our consultants on 023 8235 2300 and they’ll be able to give you a more detailed idea of how we can help you.

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Ask The Mortgage Experts answers are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them. We recommend you seek professional advice with regard to any of these topics where appropriate.

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1. First Charge - I understand that a first charge mortgage could be a more cost-effective alternative to a second charge and have considered this before proceeding.

2. Existing Mortgage Product - I am currently tied into a mortgage product with an early repayment charge if I choose to leave this deal early and I have investigated the possibility of a further advance from my existing lender.

3. Product Suitability - I understand that second charge mortgages may not be suitable in all situations and that advice will be provided by our second charge partner “The Loan Partnership” to help determine if this is the right solution for me.

4. Data Sharing Consent - I agree that my name and contact information can be shared with a trusted partner firm – The Loan Partnership – to receive personalised advice on second charge options.

5. Understanding of Risk - I understand the risks associated with securing other debts against my home and my home may be repossessed if I do not keep up repayments on a mortgage or any debt secured against it. I am also aware that by consolidating existing borrowing that I may be extending the terms of the debt and increasing the total amount I repay.

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*Please note that neither John Charcol Limited nor its Appointed Representatives are providing mortgage advice as part of this enquiry. Second charge mortgage advice will be provided by The Loan Partnership FCA ref 707809. If you need to investigate first charge mortgage options, please contact John Charcol via this contact form.

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