Mortgage advice required – splitting one house into two

by Readers Question

15:40 PM, 8th January 2014
About 7 years ago

Mortgage advice required – splitting one house into two

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Mortgage advice required – splitting one house into two

I am a property investor in the South Wales area and currently interested in a property that was previously 2 houses with 2 bedrooms each, converted some years ago into a 3 bedroom property.

Could I get buy to let mortgage on the 3 bed house and then convert back to 2 houses?

How would this impact on the mortgage provider?

My husband is employed, I am a self employed foster carer and we are investing in property as we have no pension pot. We currently have 6 buy to lets. I am 57, my husband is 47. No problem with getting buy to let mortgages with 25% deposits thus far. Mortgage advice required - splitting one house into two

Many thanks

Christine

 


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Comments

Mark Alexander

15:42 PM, 8th January 2014
About 7 years ago

Hi Christine

There are several issues to consider here in addition to the mortgage.

Planning consent and building control - have you looked into this?

I have invited some mortgage brokers to comment 🙂
.

Jerry Jones

15:57 PM, 8th January 2014
About 7 years ago

Interesting scope for adding value by doing the title split and then remortgaging as two properties later, I'd imagine.

Kevin Reid

16:33 PM, 8th January 2014
About 7 years ago

Hi Christine
I had two semi detached properties that I converted into one property in 1992 for our own use. I had to use building control so that all work was carried out to required standard. I knew at the time that I would want to convert it back to two semis to rent when we were ready to move on. In 2007 we moved and converted back to two semis once again using building control and getting them rebanded for council tax. At this point got seperate mortgages on each property. I have repeated the process on another property seperating it into two 3 bed properties but had huge problems with utility companies putting in new gas, electric and water. They delayed project by over six months. Getting mortgages and new title deeds not a problem. Good luck if you go ahead

Christine Turner

18:37 PM, 8th January 2014
About 7 years ago

Reply to the comment left by "Mark Alexander" at "08/01/2014 - 15:42":

No I'v not spoken to planning yet. I already own another 2 bed house in the same street. Nice little earner with a 12% yield. It just seemed like a good idea, but maybe not worth the problems it may cause

Christine Turner

18:40 PM, 8th January 2014
About 7 years ago

Reply to the comment left by "Kevin Reid" at "08/01/2014 - 16:33":

Hello, Thanks for the information. Maybe its not such a good idea after all.

David LiveOnce

16:23 PM, 16th September 2016
About 4 years ago

Reply to the comment left by "Kevin Reid" at "08/01/2014 - 16:33":

Hi Kevin. Thanks for your comment. Your say getting new mortgages on the 2 new flats after split was not an issue. But did you actually do the split in breach of your mortgage without telling your lender? Then you've found another lender to refinance on brand new leases created on the same day?


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