Lookingforadvic
Registered User
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- 33
Hi all, looking for some advice.
When I took out commercial mortgage - to buy agri land - there was no dwellings on land and so could not apply for PD mortgage.
Subsequently got planning to build home on the land, built house from money from the sale of my home in another location, now in the process of creating new land registry portfolio number of newly built house on 1 acre. This will be taken from the larger land portfolio number. Commercial loan secured on the larger portfolio number.
Am finding my current bank and another bank unwilling to finance the switching of outstanding mortgage from commercial mortgage to residentiàl mortgage 'no appetite they said'... No arrears, not in negative equity, AAA credit history...Naturally I want to take advantage of lower residential mortgage rate compared to higher commercial mortgage rate... I know my commercial mortgage lender will loose out about 3% but I can't understand why another bank doesn't want a new residential mortgage customer..I'm baffled about how to make such a switch..any advice would be welcome.
When I took out commercial mortgage - to buy agri land - there was no dwellings on land and so could not apply for PD mortgage.
Subsequently got planning to build home on the land, built house from money from the sale of my home in another location, now in the process of creating new land registry portfolio number of newly built house on 1 acre. This will be taken from the larger land portfolio number. Commercial loan secured on the larger portfolio number.
Am finding my current bank and another bank unwilling to finance the switching of outstanding mortgage from commercial mortgage to residentiàl mortgage 'no appetite they said'... No arrears, not in negative equity, AAA credit history...Naturally I want to take advantage of lower residential mortgage rate compared to higher commercial mortgage rate... I know my commercial mortgage lender will loose out about 3% but I can't understand why another bank doesn't want a new residential mortgage customer..I'm baffled about how to make such a switch..any advice would be welcome.