Buying next door

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  • loanarranger
    replied
    I echo philg’s Comments, I know of no lender who does not require details of one’s property portfolio irrespective of whether they are held singularly, in partnership or via a Ltd Company, this data allows them to undertake AVM’s on both Capital Values and Rental Income; the downside is that if you have HMO’s / Multi Units and have investment valuations the Results of the AVM’s will potentially show lower figures and to defend the higher figures one could be asked to produce the AST’s to demonstrate the higher rental income.

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  • philg
    replied
    yes having recently got a mortgage its common to be asked in detail for your portfolio , up here some folks own half the street so i would not worry too much . I am sure the mortgage companies are just happy to have your money

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  • nick_noal
    replied
    Previously when buying additional buy to lets (or even remortgaging) lenders have asked to see details of all my current portfolio, associated rental incomes and net profits to gauge risk of lending.

    It may be different with a limited company purchase and they may not ask to see details of a property held in a personal name though.

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  • Section20z
    replied
    What makes you think they would ever make ownership enquiries of adjoining properties ?

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  • nick_noal
    started a topic Buying next door

    Buying next door

    Hi all,

    Just by sheer coincidence, the house next door to one of my current buy to let properties has recently come available for which I have agreed a purchase price and am currently going through the mortgage application and solicitors searches.

    Both are 3 bedroom, mid terraced houses.

    However it just occurred to me whether there would be any issues from a landing perspective on the new purchase and the whether lenders would flat out refuse to lend when I already own next door. I have read they can often be afraid that I would knock through the two properties.

    If it makes a difference the house I currently own is registered in my personal name and the new property will be owned via a limited company for which I am the sole director.

    Not only am I curious of the mortgage to buy the property but also any future remortgages?

    Has anyone ever bought the property next door to either one of their current buy to lets or their residential home?

    Are there any lenders who would indeed offer me a mortgage for the purchase of next door or can you foresee this being an issue?

    Thanks in advance

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