Mortgage help

[Davina69]

Are there any mortgage advisors that can offer some advice?

We want to do some additional work to our home in order to make a granny flat. I own the house the relative currently lives in and it is mortgage free. Is it feasible to think I could get a buy to let mortgage or secured loan on that house to fund the granny flat or would I have to do the work first and wait until the property is empty?

Going to depend on the property value, the loan amount, and how you intend to pay it off, and when.

I don’t think the relative living there is relevant -

Property is worth £120k and we have a budget of £80 k for the renovations. I'd look to put a tenant in once she's moved into the granny flat

Why would you think about a buy to let mortgage unless you're planning to rent it to your relative?

Definitely need more details, but if your equity is ok & you're paying your current mortgage on time, why can't you just increase your mortgage to cover the build costs?

Cross posted, but even more confused now! Where are you planning on putting the tenant if your relative moves into the granny flat? I thought this was your family home, not a rental property??

Unfortunately we don't have enough equity in our house to fit the criteria for additional borrowing

The relative moves into the granny flat and I would rent the property she currently lives in out to a tenant. I own that property outright but want to borrow against it to fund the granny flat renovation.