First time mortgage on prefab house

raspberryr

Hi,
I must confess to be almost entirely ignorant on the mortgage front and I'd love if someone could give me a clue or two! I've recently been looking to buy a property while prices remain low, more to get myself on the property ladder than find my dream home. I've found a lovely 2 bed bungalow with a new fitted kitchen and bathroom with a big front and back garden and better still only £49,995 asking price with a current offer of £39,500 on it. It's in a nice, quiet neighbourhood and really does seem ideal for me. The only thing is it's a prefabricated house, I just want to know if anyone has a good idea of problems this may cause. I haven't yet got a mortgage in place but am hoping to do so quickly. Could anyone tell me if there are problems getting a mortgage for a prefab house? Any other positives or negatives about the whole process would be very much appreciated! Thanks so much for your help!

raspberryr

Is it worth it in the long run? I mean, will there effectively be a 'cap' on the value of a prefabricated house despite work done to it? I also saw a site for building about 1/2 a mile away from this house. The site is about half the size of the one I'm looking at (obviously minus any house, prefab or otherwise) and is looking for offers of £55,000. To be honest, I'm not looking to make a profit, just get myself somewhere comfortable to live with a foot on the property ladder. I feel like I'm looking at this and missing the proverbial elephant in the room, is there some massive negative I'm missing? I'll try to find a mortgage for the property but anyone have any ideas where I could try?

brit1234

raspberryr wrote: »

I've recently been looking to buy a property while prices remain low,

Prices are near a historical high not low and likely to be falling this year.

On prefabs I think you are better with old prefabs rather than newbuild prefabs. Know a nightmare story about one development here in London. However older ones should have a better structure.