P
prop1
New Member
Hi all, just need some advice please!!!
I have a situaiton where I have planning permission to convert my existing 2 bed flat (freehold) into two seperate units, one 2 bed flat and one 1 bed flat, to do this I need to add an extension, slightly move an internal structural wall and add a second kitchen to the existing living room making it open plan.
My problem is that if I go ahead and do the works I would be in breach of my mortgage terms and I'm 99% sure my lender won't give me permission due to having to split titles etc..
One option I have is to get a bridging loan and pay off the entire mortgage, do the works and then try to re-finance with a couple of buy-to-let mortgages but the interest payments for a term of 8-12 months for a loan of £350k would be around £50k which is just too expensive.
So to get the length of the loan down to 2-3 months one option is for me to just go ahead and build the extension and add the second kitchen but still oficially keeping it as 2 bed flat for now and then arrange the bridging loan for the time it takes to split the titles and arrange the buy-to-let mortgages.
So my question is, what could relaistically be the worst my lender could do if they found out I added an extension and a second kitchen to the property without their permission???
Many thanks in advance!
I have a situaiton where I have planning permission to convert my existing 2 bed flat (freehold) into two seperate units, one 2 bed flat and one 1 bed flat, to do this I need to add an extension, slightly move an internal structural wall and add a second kitchen to the existing living room making it open plan.
My problem is that if I go ahead and do the works I would be in breach of my mortgage terms and I'm 99% sure my lender won't give me permission due to having to split titles etc..
One option I have is to get a bridging loan and pay off the entire mortgage, do the works and then try to re-finance with a couple of buy-to-let mortgages but the interest payments for a term of 8-12 months for a loan of £350k would be around £50k which is just too expensive.
So to get the length of the loan down to 2-3 months one option is for me to just go ahead and build the extension and add the second kitchen but still oficially keeping it as 2 bed flat for now and then arrange the bridging loan for the time it takes to split the titles and arrange the buy-to-let mortgages.
So my question is, what could relaistically be the worst my lender could do if they found out I added an extension and a second kitchen to the property without their permission???
Many thanks in advance!
