UK Landlord Forum / Life

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 think this is a right and wrong answer post.

You know the right thing to do, you just want some backing for doing the "wrong" thing.

At the end of the day, the risk is yours.

If it were me?

I would keep one flat as the same address as the original, and make a new flat "new"

Then go for it, keep my fingers crossed, do it all by the book with planning and BR and Insurance.

I would also do all I could t not draw attention to my account with the lender until it's all done, this would include any bridging finance or what ever which would call for security on the property.

Good luck, sounds like a plan.