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Demolishing a Mortgaged Property Demolishing a Mortgaged Property
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Old 08-13-2007, 04:16 PM
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Default Demolishing a Mortgaged Property
I'd like to buy a house on a large plot of land, and demolish it and start again.

Can anybody advise what the implications are of doing this if I got a normal mortgage, i.e. not a self-build mortgage?

Is there any way the bank would discover that I'd done this?
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Old 08-21-2007, 01:51 PM
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I think any attempt to try and draw the wool over the bank's eyes is a bad idea from the start. I certainly wouldn't advise trying that.
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Old 12-12-2007, 08:51 PM
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Financing is available for this type of development without doing anything illegal. I would strongly recommend doing all developments the right way, is it worth the sleepless nights???

I have a development finance company that would be able to assist.

Feel free to email

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Old 12-31-2007, 04:19 PM
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When you want to demolish the existing property on a plot of land you are in fact lowering the value of the site albeit temporarily and to demolish without a lenders consent is to commit fraud or certainly some kind of similar offence. Mortgages are definitely not the right product but there are lenders who can accomodate this out there!
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Old 03-27-2008, 04:47 PM
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I did not know that was fraud. That does make sense though.
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