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14 posts • Page 1 of 1
Got a barn , with planning, but been unable to sell my house to finance the project. I was planning to wait , but am thinking now I'd rather borrow the money and get on with it. The thought of living in a caravan for the next 5 years really doesnt appeal.
So, I need a barn conversion mortgage. Any ideas on the best place to look? I know absolutely nothing about this, so any advice will be a step in the right direction.
Thanks in advance.
Last year 64% of the questions asked in our forum were answered within our DIY project pages at www.diydoctor.org.uk/projects.htm The project pages are now separated alphabetically and your answers are accompanied by diagrams and the ability to see, and buy, the tools and/or required to complete your project. Use our search box to look for your answer and save a great deal of time and money!
Am in a similar situation, barn with full planning, offer accepted, but unable to raise the finance till own house is sold. Have tried many different brokers etc for mortgages, development finance & bridging loans - no success so far, been trying for 2 months now!! Any suggestions gratefully received! :)
Unfortunately as has been widely reported in the press finanace is harder to come by. Is renting your current property an option? If you can rent it and the rental income is more than you pay on any mortgage on it then you may be able to persuade lenders not to take it into consideration. And perhaps even to consider some portion of the rental income as additional income for assessing the new loan.
Of course all lenders are different so you need to find one who agrees before you jump in at the deep end.
Started trying to obtain funding for a barn (with planning) 3 months ago, have come across more than one less than honest brokers - keen to take a fee, then not able to provide the funding they suggested they could. Anyone else with similar experience?? Am still looking for funds!!
If you take a look at most of our rural areas you will be amazed to see just how many farm lands have run down barns on their land ideal for renovation or converting from a disused barn to a stylish and exclusive family home.
Obviously the first trick is to find such a barn, many landowners will offer such properties through the normal channels such as estate agents and auction houses however there is no substitute for actually going out into the area you would like and seeing just what is lying in a derelict state or simply not really used. When a suitable project is located the first most obvious question is does planning permission exist to convert the barn to a residential property, if not extreme caution is needed as the local council may decline any new proposal leaving you with a barn but very little scope for development and possibly a complete waste of money.
If you can't sell your old property you could raise funds with a bridging loan. The advantage is they are not based on your credit rating, as long as you have assets to secure it against you should be fine. I used Masthaven to raise funds for renovation whilst I waited for my old house to sell. You do need some kind of exit strategy as bridging loans can be expensive over an extended period.
14 posts • Page 1 of 1