Why cant I get residential mortgage for commercial property with planning permission?

[ba13e]

I am trying to buy an old school building and attached school masters house which have full planning permission to turn them into one four bedroom residential property. My mortgage adviser has told me that I cannot get a residential mortgage for the property because the majority of the property is still a school building. They have suggested I get a commercial mortgage instead, even though I have no intention of using the school building as a business. Is this right? Why would I not get a residential mortgage if the planning has been granted and I plan to use the space as residential?

[Enness Private Clients]

You may be able to get a residential mortgage on this if you can find a lender who can appreciate your plans and you have the money available to fund the renovations. Transactions like this are hard to finance but there are options if your circumstances permit.

Many of our clients however go for a bridge finance deal to do the work then remortgage to a residential mortgage once the works are complete - although a touch more expensive it is a lot easier

[The Mortgage Hut]

I recently did a mortgage for a client in a simular position to you. They were turning a hotel back into a residential property.

Drop me message if you wanted to have a chat about it.

Regards

Chris