Posted on 21 May 2017 by Mark
Can you get a mortgage that will allow you to either knock down and rebuild a house or add to or extend 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.
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.
I think we'd need to know more about exactly what you're looking to do before saying we're 100% certain we can get you a mortgage.
I'd definitely say it's worth exploring your options in a bit more detail, and you can do this by contacting one of our consultants on 0344 346 3672 and they'll be able to give you a more detailed idea of how we can help you.
Answers provided in response to Ask the experts 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.
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