Mortgage knockback

Slinker_2

I outright own a property and would like to remortgage it so i can do some renovation. After a meeting with Nationwide i was informed i couldnt get a mortgage because i was not living in the property? I live in the same road with my parents at present.

I cant live in the property because i have no kitchen , bathroom or bedroom ...but i need the money to finance this. Whats the options? i cant believe i cant get a 20% loan ratio mortgage because im not "living there" when i outright own the place?

Confused ! Help !

getmore4less

Slinker wrote: »

I outright own a property and would like to remortgage it so i can do some renovation. After a meeting with Nationwide i was informed i couldnt get a mortgage because i was not living in the property? I live in the same road with my parents at present.

I cant live in the property because i have no kitchen , bathroom or bedroom ...but i need the money to finance this. Whats the options? i cant believe i cant get a 20% loan ratio mortgage because im not "living there" when i outright own the place?

Confused ! Help !

The two are mutualy related move in and you still will have difficulty getting a mortgage if they know there are no facilities.

Most mortgages require a place to habitable that means at least a basic kitchen and a toilet.

surrobeth

Would it be possible to get a flexible loan for the amount needed to do the work then mortgage to pay that off?

benjo

Save up your pennies and stick in a sink, table and cooker into the kitchen, bath, sink and toilet et voila your house is basic but habitable, move in - ENSURE you are on the electoral register at your new address and reapply?