We need a mortgage so we can rebuild our current unencumbered home, but are struggling to find a lender, can you help?

Posted on 2 September 2013 by Jen


My partner and I have just gained planning permission to rebuild a house that we both own outright. However he already has a mortgage on another property of £83,000. We also both have loans of £10,000 each. We thought it would be easy to find a lender who can consolidate our loans on top of the mortgage but its not. We both work in banks, we never miss payments, we always pay back what we borrow, and we have more than enough to live on after two mortgages come out never mind just one. My partner also rents out the house he has a mortgage on so that would be additional funds too. We don't know why all these companies are being very picky, even our own bank where we work wont help us. Do you know of any companies who will help us?

Jen,

From the sounds of things you are either looking at a self build mortgage or a development loan. Without knowing the full details of your salaries, outgoings including the figures regarding the rebuilding of the current property, and the end value of the new home, it's difficult say if we could definitely help you.

For many of the mainstream lenders, this is not the kind of case that they are keen on, and therefore struggle to reach a sensible lending decision. However there are still lenders in the market who manualy underwrite and can judge a case on its individual merits. The number of mortgages that we can't place is very small, so I would be disappointed if we couldn't find you a lender to enable you to rebuild the current home.

If you'd like to see what we can do to help you, then please let me know and I'll arrange a convenient time for one of our consultants who specialises in this type of enquiry, to contact you.

Regards,

Alistair

contact@johncharcol.co.uk

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