Mortgage to buy next door to knock through
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Mortgage to buy next door to knock through
Sam Bull is here to explain the mortgage process if you’re looking to buy next door and knock through to build a bigger home.
Can I buy two houses next to each other and combine them into one?
Yes, although it will be subject to gaining the relevant consent from the council, if necessary, and getting building control to sign off on any works you’ve undertaken.
Do many lenders offer this? Why is it a challenge to buy an adjoining property?
There are mortgage lenders who offer multi-unit or multi-house products, so that may allow you to make the initial purchase of two properties as part of one mortgage.
The vast majority of mortgage lenders don’t offer these products, though, and you may actually need to take out two separate mortgages for the initial purchases of the individual properties.
Do you need planning permission to knock two houses into one?
This will mainly depend on the works you intend to carry out, so it’s always right to check with your local planning officer. Give them the plans of what you’re looking to do and they’ll guide you on what consents you would need. It might be planning permission, or consent from the council, or building control. They’ll give you advice on the next steps.
Are there any restrictions to buying the home next door to knock through?
Not really, although some mortgage lenders may have ‘exposure limits’ where they don’t like to have more than 50% exposure in any one block. Sometimes, if you have a semi-detached house and you buy the second one, they class that as more than 50% of the block and can’t provide a mortgage.
That would be the main restriction in buying the house next door. But not all mortgage lenders have this restriction, so there would usually be alternative options.
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How do I get a mortgage to buy the house next door and expand my home?
It would be the same process as buying any other house. We would recommend speaking to a broker like ourselves, who would make the necessary enquiries on your behalf and come up with a suitable mortgage recommendation.
That would show all the costs involved in the mortgage. If you’re happy with our mortgage recommendation, we would get everything arranged for you.
Is it a good idea to buy a house next door? What are the pros and cons?
Each project should be weighed up on its own merits, mainly to make sure that knocking through is a cost-effective way of getting yourself a bigger home. For some people who love where they live and don’t want to move, it could be a perfect opportunity to create a big living space.
You need to consider carefully the layout of the properties and the cost of making major changes. Other things to consider is that until the building is fully converted, you’ll be paying two sets of council tax and utility bills.
If I can’t get a mortgage to combine two homes, what are the alternatives?
The main alternative options would be development finance or bridging loan finance. Those wouldn’t usually be needed, depending on your plans to knock through.
What costs are involved if somebody is looking to buy next door and knock through?
You should always consider the cost implications before starting a project like this. You need to review the mortgage finance costs and setup fees. Then there’s the legal costs for potentially buying the house and changing from two titles to one. Plus, there are the building costs involved in combining the properties.
Once you’ve worked out the costs you should also consider how much the property will actually be worth as one larger converted house. Make sure it’s worthwhile spending the money on that conversion and that you will potentially gain that investment back on the final valuation of the property.
How can a mortgage broker help?
Speak with your local mortgage broker and discuss your plans. We could give you all the initial costs involved, so you could start the process to see if it’s worth taking on a project like this.
Any information discussed here should not be considered advice and for information purposes only
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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