Remortgaging your house can seem like quite a complex action, and there is very little online information to help you do this successfully.
However, if your house value has increased significantly, it might be worth considering. Even if you have a long time left on your mortgage term, and it will incur some arrangement fees to remortgageRefinancing an existing mortgage with a new mortgage., it could still leave you with extra money left over.
Is it possible to be accepted for a mortgage on a property with two kitchens?
The short answer? Yes. However, going through the mortgage process may not be exceptionally straightforward, as trying to claim a mortgage for a house with two kitchens is not a typical request.
A standard mortgage term often covers a mortgage with one kitchen, so when two kitchens are involved, specific criteria need to be considered.
Due to their unique nature, two-kitchen properties might not be available from every mortgage broker that offers a commercial mortgage or a residential mortgage, as it might be deemed as “non-standard.”
Less competition for mortgages can sometimes lead to less competitive offers during the mortgage process, which is something you need to consider.
We are aware that finding the correct mortgage term can be challenging at the best of times, so trying to get an original mortgage for a non-standard property is likely to be even trickier.
Firstly, as specialist lenders, we recommend that you try to work with an experienced mortgage provider, estate agent, and broker to give yourself the best chance of getting a mortgage on a house with two kitchens, either as a residential or commercial property.
We have supported a range of people who found themselves in your situation and are now very happy with their current mortgage by offering unbeatable service and competitive rates.
If you are on the search for a non-standard mortgage on a commercial or residential property with two kitchens, be sure to read the advice written below.
Why is it hard to get a mortgage on a home that has two kitchens?
If you consider it from the lender’s perspective, a house that has two kitchens or washing facilities can be a sign that multiple groups or large families are planning on living on the property.
Why is this an issue?
Well, it is common sense to think this could mean that the property will be accommodating more tenants than the ones that are listed on the original mortgage. This might mean that the property is going to be used for rental purposes rather than residential purposes.
Unless you have managed to get consent from your mortgage lender that you are allowed to rent out your home, the chances are that the terms of your mortgage will not allow you to rent out your home, and you will not get consent to letConsent from a mortgage lender to let out a property. during the mortgage application process.
Accidental landlords can be pretty common as many people are unaware of this clause in their mortgage. If you plan on renting out a property, you shouldn’t apply for a regular mortgage. Instead, you should apply for a Buy to Let mortgage. But what about applying for a Buy to Let property when the property contains two kitchens?
For any Buy to Let properties, mortgage lenders are keen to see that the property is structured with a single Assured Shorthold Tenancy agreement, also referred to as an AST. An AST covers all tenants and also means the property can be repossessed and sold more quickly if required.
In England and Wales, an AST can only be a tenancy for a fixed term of up to six months or as a periodic tenancy. Two kitchens within a property can imply that there are several tenants within the property with various ASTs in place, making it much harder to try and sell the home in the future if it is repossessed.
This is another factor that makes it tricky to get a mortgage on a property with two kitchens.
What options are available for getting a mortgage on a home with a second kitchen?
All that might make it sound like it is impossible to get a mortgage for a house with a second kitchen. The good news is that is not the case! There are some mortgage lenders that will consider offering you a mortgage, so long as you confirm that the second kitchen will be used for personal use only and not for any other use.
Common examples of this include if you have grandparents living with you at the property or a live-in nanny.
There are a couple of steps that you can take to ensure you have a better chance of getting accepted for a two-kitchen mortgage.
For starters, you might be able to negotiate to get rid of the second kitchen either as part of the exchange and completionThe point at which a property purchase is finalized and owne... or once the completion has taken place. If you choose this option, a representative of the lender will come round and check that the removal has taken place.
Another option is to offer to remove the main elements of the kitchen, like the cooker, and change the room into a utility room. This may satisfy potential lenders and will also make great use of that space.
For any buy-to-let properties, some mortgage lenders will be happy to lend on a property containing two kitchens, but probably not at the same high rates and low deposit terms that they would typically offer. They might also only provide a mortgage on a House of Multiple Occupancy basis.
Your best bet is to try and work with an experienced broker, as they will be best placed to support you on your mortgage application. A professional broker can recommend suitable lenders and offer sound advice to help maximize your potential of getting your application accepted.
How can I mortgage a property with two kitchens?
Don’t worry. We are here to help!
As market-leading mortgage providers, we have helped plenty of people that found themselves in the same situation you find themselves in, and we have been able to secure them an excellent deal on their unique mortgage.
With our mortgage company, the mortgage application system is quick, easy, and stress-free.
Apply now for your two-kitchen mortgage!