Please help - its complicated

Tessmaz

Hi,

This may get a little complicated but will try my best to explain...

I am a first time buyer, living in a property which my father owns (the property I live in has no mortgage but my father re-mortgaged his property to fund the purchase of the property i currently live in!) I am wanting to purchase this property as my father has reached retirement age and could do with being mortgage free on his property plus would not get a longer term on his own property due to retirement.

I have been living in the property for the last 7 years and being paying the amount the mortgage would be (the re-mortgaged amount)...We had the property valued at £140000 and I only want to borrow £90k as my father is 'gifting' £50k deposit (the equity in the property) back to me...HOWEVER the property had a subsidence claim 5 years ago (whilst I was in the property) due to trees, and root damage and clay soil...the work has all be completed and i still have the insurace in my name for both buildings and contents...which i would continue if i brought the property! My concern is will a mortgage company lend me anything with a history of subsidence??

Please help!

BitterAndTwisted

Most likely. Especially if you have proof that the cause of the subsidence has been addressed and resolved.

Tessmaz

Yes I have all proof, but thank you...

should I say to the mortgage company about the subsidence before fully applying and going though all the paying of fees etc...as down the road I could be at a loss? Just dont know what to do for the best and Im nervous about it all...The cost of fees a part of my savings and can not afford to throw such costs away?

Thanks again

Doozergirl

What you want is a structural engineer's report showing that it is not progressing.

And I would speak to a broker to see if there are particular lenders that you might want to steer clear of.

I'd go with picking a lender that might be sensitive to it and being prepared to spend on the structural engineer if their surveyor highlights it. They may not! I haven't filled in a mortgage app for that long that I can't remember if they ask on the applications.

Why I think an experienced broker will be best placed to help.