minimum mortgage????

Pound

getmore4less wrote: »

If you do a full country search on right move there are a few under £20k

How do you do a full country search? If I try I'm only shown the first 1,000 results, the highest price being £11K which is a commercial property.

trooperdog

you can do a draw search and then eliminate some things like bedrooms price type of property etc, you might get a lot of businesses as well as things like beach huts and garages!

Doozergirl

trooperdog wrote: »

why is it unmortgageable?
surely once a soliciter has sorted out the ownership issues then it should be a go right?? it seems structurally sound and any work needded is cosmetic! also there is a high chance is was mortgaged once before as its currently owned by a bank who reposessed it, now the only other option is that a different loan was securedx on it??

What sounds like an absentee freeholder and no formal management structure in place if the lease dictates, will render it unmortgageable.

Your solicitor will not be able to fix anything until you take ownership which for you means with a mortgage, but a lender won't touch it until it's fixed. You're stuck. The lender currently in possession won't be interested in trying to organise the other leaseholders - it could take ages.

Cheap places are cheap for a reason. I'm not sure how they'll respond to an offer that requires a mortgage. Have you looked at the arrangement fees on the mortgages? A higher % rate could well be more economical than the costs associated with a mortgage - valuations and arragement fees. With the amount being so small, you should be aiming to pay it off much more quickly than a regular mortgage - and then you have the fees associated with redeeming a mortgage. I bet there's little difference when you split the cost over a few years.