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!

Rather than trying to find out ways of intentionally deceiving your Lender and the worst that would happen if they found out, why not put a lot more effort and focus into ways of doing this right and above-board? I do realise you say it will be costly. But that's better than unknown risk, surely? It is in my book, anyway.

What's the worst that Lenders can do? Repossess the property, I suppose.

Can you not at least discuss it with your Lender to find out whether your 99% assuredness is correct? At the end of the day the Lender wants to avoid risk to their interest in a property. If you are making things better / more valuable (splitting I grasp), they may not be as against it as you think.

I don't think would have expected to get advice on here that says - don't worry, just go against the terms of your mortgage and it'll work out - I understand that.

Ooops

Violating the terms of your agreement could result in your home being taken away. I had a bedroom in my own home extended to a double, the lenders were more than happy for the work to go ahead, the real problems came from our pesky neighbours.