Selling a barn will I need a new mortgage?

[womaninatightspot]

I have an old farmhouse and steadings. Would like to sell a barn. I have low loan to value maybe 80% equity. I think after selling barn it would be roughly 70% equity.

I'm now self employed post dc but don't have two years accounts. Am in fixed rate period and mortgage rate is low but I'd have to pay a early redemption penalty. Ideally I want ot know if anyone has done this and mortgage holder has given thier permission or do you need to go through mortgage application process again.

I have sold part of my garden, but had over 60% equity, which dropped to around 55% equity after the sale. My mortgage was with Britannia I had to jump through several hoops including a valuation survey to be able to do it. What helped was I used some of the money I got to pay of more of the mortgage which brought the equity back to 60%.

I'm happy to pay some of the money towards mortgage to maintain equity level. Reading online I think my bank charges 105 quid to apply and 400 quid valuation does that sound about right money wise? Also did they ask you affordability questions i.e. did you have to provide wage slips etc. TIA

Money sounds roughly similar. I did not in the end have to have the mortgage redone as the developer bought the whole plot and I bought another property. But I had to get Britannia's approval to go into contract with the developer.

First thing to do is tell the bank you want to sell the barn and ask them if they will release that part of the property from the mortgage. They may well agree given the large loan to value %. If not you can then go through the process and pay the valuation fees etc but well worth asking first.