Non-mortgageable property

Doozergirl

We've had a 100% retention on a mortgage previously. If there is no kitchen and bathroom then I wouldn't expect too much from a regular lender until the work is done.

You'd have to try and see what they would allow you. Bridging etc is an option if you're confident you can get the work required carried out very quickly minimising your losses against getting a good price in the first place.

chivers1977

Barclays would not give a retention. They would merely state that the property is not suitable security. We require a kitchen and bathroom, whatever condition it is in. Could the terms of an offer be that a basic kitchen and bathroom, whatever condition is installed prior to exchange?

Doozergirl

chivers1977 wrote: »

Barclays would not give a retention. They would merely state that the property is not suitable security. We require a kitchen and bathroom, whatever condition it is in. Could the terms of an offer be that a basic kitchen and bathroom, whatever condition is installed prior to exchange?

The property is devalued by far more than the cost of a cheap kitchen and a loo. Nice idea but if that were an option, the vendor would be stupid not to have done it already.

hamblettamaud

i think you should test the market & try to get a mortgage supplier to offer you a mortgage on the property - but only by applying initially, not by paying for surveys.

greetingsfrommike

Thanks for all the helpful info, I'll post any future developments if anyone's interested...