We own 1 of 2 flats in a converted terrace. Can we use the equity in our flat against the new purchase and convert it back to one dwelling?
Posted on 10 November 2014 by Georgina
We own 1 of 2 flats in a converted Victorian terrace. Our flat has a current value of £300k with an outstanding loan amount of £160k. The other flat is rented but the owner has offered to sell to us if we can raise the finance. It has a value of circa £250k, is there anyway we can use the equity in our flat against the new purchase (as it's all within 1 building) with a view to converting back to one dwelling, which would have a current value of £480-£490k? Many Thanks.
It may be possible to look at getting you the funds you need, though typically this would be on either bridging / development finance, and then once the property has been converted back to a single dwelling, we can look to remortgage to a standard lender on normal terms.
However, we may also be able to look at some more mainstream options depending on the rest of your personal financial situation.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672, who'll be able to give you a more detailed idea of how we can help.
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