Hi,
I bought my first house last year that has a side garden intending to split the folio and build a new detached house on it. I'm only a year into the mortgage, I have planning and I approached the bank about permission for the property folio change. They are talking about problems with the LTV which surprised me as they view the possibility that I wouldn't sell the house so have to abide by central bank rules. My plan was to split the folio, sell the house, keep the garden, apply for self build mortgage, sign contract with builder and build the new house.
Just wanted to ask if anyone out there has any insight into this and any questions I could ask / ways to help move my project forward? Thanks.
I bought my first house last year that has a side garden intending to split the folio and build a new detached house on it. I'm only a year into the mortgage, I have planning and I approached the bank about permission for the property folio change. They are talking about problems with the LTV which surprised me as they view the possibility that I wouldn't sell the house so have to abide by central bank rules. My plan was to split the folio, sell the house, keep the garden, apply for self build mortgage, sign contract with builder and build the new house.
Just wanted to ask if anyone out there has any insight into this and any questions I could ask / ways to help move my project forward? Thanks.