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House that isn't mortgagable
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smithers1
Posts: 3 Newbie
Hi,
My partner and i looked at a house yesterday that needs work done on it. It is a reposession where the kitchen and bolier were taken away. The estate agents tell us that as a result (because of no running water/no sink/no boiler) the house can not get a mortgage.
can anyone explain this to me, and let me know what the alternatives may be?
It is definately a house!
Many thanks
My partner and i looked at a house yesterday that needs work done on it. It is a reposession where the kitchen and bolier were taken away. The estate agents tell us that as a result (because of no running water/no sink/no boiler) the house can not get a mortgage.
can anyone explain this to me, and let me know what the alternatives may be?
It is definately a house!
Many thanks
0
Comments
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Seek commercial finance. Then remortgage onto a residential mortgage when habitable.
A commercial loan will come at a hefty cost. So do your sums to see if its worthwhile.0
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