Barn conversion mortgage.


Postby Timus » Mon Nov 03, 2008 5:42 pm

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.
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Postby Helen back » Thu Apr 09, 2009 9:36 am

I would also be interested in finding an answer to this question but I can not find anything relating to it in the projects section.
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Postby acsimpson » Sat Apr 11, 2009 8:05 am

Try googling "Self Build Mortgage" there's a few lenders out there who do them and even some IFAs who specialise in them.
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Postby eamesy » Mon Apr 13, 2009 4:45 pm

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! :)
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Postby wws4029 » Mon Apr 13, 2009 10:43 pm

Google Accelerator Mortgage.

Advertised as a self build/ renovation/ conversion mortage. Stage payments are also in advance rather than after each stage.

Never used but sounds like a good mortgage
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Postby acsimpson » Tue Apr 14, 2009 9:07 am

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.
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Postby eamesy » Mon May 25, 2009 12:03 pm

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!!
eamesy
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Postby ludmilax » Fri Jun 19, 2009 7:58 am

What reverse mortgage company should I work for? I've been looking into these a lot lately, but I'm having a hard time deciding what company to work with. Anyone work for one - or have a reverse mortgage - that they can recommend?
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Postby ludmilax » Fri Jun 19, 2009 8:02 am

What reverse mortgage company should I work for? I've been looking into these a lot lately, but I'm having a hard time deciding what company to work with. Anyone work for one - or have a reverse mortgage - that they can recommend?
ludmilax
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Postby eamesy » Sat Jun 20, 2009 2:47 pm

What's a reverse mortgage?/
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Postby mickel » Sat Mar 05, 2011 7:14 am

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.
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Postby sandskrit » Tue May 24, 2011 3:19 pm

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.
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Postby Lachina » Thu Jun 02, 2011 5:09 am

Hi,
I would also be interested in finding an answer to this question, but I can not find anything relating, to it in the projects section.
Lachina
Posts: 1
Joined: Thu Jun 02, 2011 5:03 am


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