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01 December 2012

My home I want to rent part of it barn on property holidaylet

I have a house 70 percent loan to value with mortgage company, got planning for old barn at back of property for holiday let , had to sign 196 agreement with planning, bank signed. But said I couldn't let holidylet asked me where I would be living I told them my house, they said I would need to get revaluation done , the barn would add value to my property , also they wanted the barn separate title deeds was mention, call centre spoken to someone else said I can rent two years. What do I do I would like to borrow more money for holidaylet to build but on a interest only deal don't want to lose, second charge not sure about going about this ? Hope this makes sense.

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