One bed conversion - mortgage advice needed

sparkle109

Hi all, I was hoping for a bit of guidance. I'm looking to buy, have the 20% deposit saved. I have found a one bed that I love, and it has a very large dining area which I would like to make a second bedroom. I was wondering if anyone knew if anywhere would allow me a reduced deposit based on the fact it'll be a two bed? I can only seem to get approved on basis of a really high deposit (as its a one bed!) please go easy on me - this is new to me! I also have the option of my dad as a guarantor- would this ever be acceptable?

Thanks in advance for any pointers

handlemaster

It is a one bed . And will be when you buy. Turning it into a two bed is pure speculation.

L1011

Even if the bank is willing to change the rules for that you'll need the funding to do the conversion, which will probably be the same or more than the difference in deposit. If even possible under planning rules, head lease, etc.

Guarantors are irrelevant now.

BryanF

Forget it

4ensic15

The permission of the Management Company would be needed for the conversion. Without that, you are not even out of the starting blocks.

dudara

And does the conversion even make sense? You will go from a spacious one bed apartment, to a possibly poky two-bed apartment with little living space.