Poor survey after mortgage application
Rls293
Posts: 1 Newbie
Hello, I was wondering if you all could help me!
My partner and myself are first time buyers and have had an offer accepted on a lovely property, however it is very old!
We have applied for the mortgage and it is currently at the underwriters.
Since applying, we have had the results of the survey back which say that there is quite substantial work that needs doing. We are currently trying to renegotiate via the EA for more money to be taken off our offer.
Where do we stand with the mortgage? We obviously will have to tell them that the offer will of changed, however we would still require the mortgage of £120k to put the extra money towards the repair works. Would we have to reapply with a less deposit and use the excess of that money to compensate towards the repairs or keep to the same deposit and continue with the mortgage of 120k and use the excess from then buying the house at the reduced price to do the repairs?
Hope that makes sense!
Thankyou for any help or advice
My partner and myself are first time buyers and have had an offer accepted on a lovely property, however it is very old!
We have applied for the mortgage and it is currently at the underwriters.
Since applying, we have had the results of the survey back which say that there is quite substantial work that needs doing. We are currently trying to renegotiate via the EA for more money to be taken off our offer.
Where do we stand with the mortgage? We obviously will have to tell them that the offer will of changed, however we would still require the mortgage of £120k to put the extra money towards the repair works. Would we have to reapply with a less deposit and use the excess of that money to compensate towards the repairs or keep to the same deposit and continue with the mortgage of 120k and use the excess from then buying the house at the reduced price to do the repairs?
Hope that makes sense!
Thankyou for any help or advice
0
Comments
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The lender will only lend against the current value of the house, not any refurbishment that needs doing. So you will need to bear the cost of this yourself.
Even lowering of the mortgage, still might leave you short for doing up the property. Your call"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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