Will anyone be able to get a mortgage on our house?

blondie4281

My hubby and I own a house which we have a mortgage for. We do not live there - we live in rented. The house we own had subsidence. It was repaired in August last year, and we have been living in a larger rented house. Since the work was completed we have let out the house we own to a tenant.
Once our tenants lease ends we would really like to sell our house, to enable us to buy a new place. We do not know however if a prospective buyer will be able to get a mortgage on the house given that it had subsidence and was repaired last year. We have a 12yr guaruntee on the repairs.
Any ideas?

opinions4u

The property will be mortgageable if the subsidence has been repaired and as long as your insurer meets their obligation to insure the property for any new owner.

As a potential buyer, I'd have run a mile though.

Good luck.

Thrugelmir

What was the cause of the subsidence?

Op4U, all houses move over time. So no need to panic.......

blondie4281

Generally we do think people will run a mile if they have the choice of our house, or the one round the corner which has never had problems and is otherwise identical.
The problem was clay soil and a large oak tree in the front garden. The tree is covered by a tree preservation order and the local council decided it had to stay. The method of underpinning was chosen based on the effect of the tree on the clay soil, and to eliminate any further movement despite the tree remaining (we hope).

Annisele

I think opinions4u is right - both when he says that it should be mortgageable, and when he says that prospective buyers might be put off.

The house will almost certainly sell, but (especially if the one round the corner is on the market) you might have to sell at a substantial discount to the price you would have got if not for the subsidence and the TPO.