• Struggling to get mortgage on a next door property

    Written By Rana Last Updated On February 12, 2024

    The purchase of an adjoining or adjacent property encompasses two scenarios:

    • When you currently own one property and are seeking to purchase or remortgage the property situated next door.
    • Some lenders also impose a maximum exposure limit within a single locality.
    • When you own a flat and consider purchasing or remortgaging another flat within the same building or block.

    It’s surprising but true that many high street lenders are hesitant to lend if you’re purchasing or remortgaging a property adjacent to one you already own.

    Lenders are concerned about the possibility of consolidating both properties into one, which could potentially compromise their security.

    In the case of flats, most lenders implement exposure limits. For instance, if there are two flats in a block, most lenders will only lend to one flat. Similarly, if there are multiple flats in a block, lenders typically impose a 25% exposure limit, meaning they will only finance one flat in the block, regardless of the total number of units available.

    Fortunately, we have lenders within our network who are open to considering financing for adjacent properties.

    A specialist mortgage broker can assist in securing a mortgage on an adjoining property by providing access to specialist lenders, understanding lender requirements, offering tailored advice based on your financial situation, and providing expert guidance throughout the mortgage process.

    If you’re encountering challenges securing a mortgage for an adjoining property, I may be able to assist you. Please don’t hesitate to reach out to me by using the form below.

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