Buying 4 flats in a house

[Rojak]

Does anyone have experience of this?

I want to buy a house which has been converted in to 4 flats.

It needs some upgrading and I would potentially live in the upper two flats and let out the bottom 2.

How would this work with mortgage providers? Would I need a btl mortgage?

What if I were to only do holiday lets instead of long term lets? Would that affect the type of mortgage I need?

Anyone done / doing this with anyone other advice? Pitfalls? Etc?

Thanks

sorry, any other advice

You will almost certainly need a commercial mortgage for this and a business plan showing how you will cover mortgage payments and costs etc.
A friend did similar bought property composed of 4 units lives in one and holiday lets in 3. Hers were three distinct properties and land so she was able to buy one and land with residential mortgage and other three as commercial.

I converted a house back from two flats to one house, which we then lived in, so we had a residential mortgage while we were re-converting it. If you are going to live in it, and it is 'habitable' at the moment, then you could get a resi mortgage for this stage. You may then need to convert that back to a buy to let for the rental portion or split the loan into a resi portion for you and a BTL for the other flats.

Holiday let versus BTL won't make a difference.

If you are going to have separate mortgages, you may need to rejig the title deeds as well.

Sounds a great project - have fun.

I think the property only has one title but is split into 4 apartments.

Might try to go down the residential mortgage route and then splitting it (if mortgage lenders would allow).

Thanks

You will need to check with your Local Authority planning department about whether planning permission will be required. In London particularly they are often reluctant to agree to deconversions, perhaps because 4 flats yields four sets of Council tax, whilst a single house only one.