No boiler in house - does it affect the mortgage?

WhiteHorse

jonathan_1983 wrote: »

'the property does not benefit from a central heating boiler, so this must be a CASH PURCHASE only.'

It is true that on seeing a survey report, a lendor may lend less, because they think that you will need to spend quite a lot bringing the property up to spec. That might put too much of a strain on your finances.

But that really has very little to do with the advert. It sounds as if someone is either overreacting to something they have been told, or are simply trying it on. Either way, it's a bit silly.

DVardysShadow

blueberrypie wrote: »

It's not that it's "uninhabitable", it's that if it's repossessed it will be far more difficult to sell. Lenders aren't interested in renovating the houses they repossess - they just want to sell them as quickly as possible and recoup what they're owed.

A bit of an ironic reply, really.

The house had a boiler, so was mortgaged. The boiler got taken in pre repo reparations. So having a boiler when the mortgage is taken out provides no assurance whatsoever that there will still be a boiler if the property has to go to repo.

In fact, if this does make the property unmortgageable, it looks like an own goal on the part of the lenders, because it will increase their losses.

BobQ

DVardysShadow wrote: »

A bit of an ironic reply, really.

The house had a boiler, so was mortgaged. The boiler got taken in pre repo reparations. So having a boiler when the mortgage is taken out provides no assurance whatsoever that there will still be a boiler if the property has to go to repo.

In fact, if this does make the property unmortgageable, it looks like an own goal on the part of the lenders, because it will increase their losses.

How bizzare! Who took it ? It must have a very limited second had value compared with its contribution to the value of the property. Taken to the extremes the occupier could sell the windows and roof to pay the mortgage.

DVardysShadow

BobQ wrote: »

How bizzare! Who took it ? It must have a very limited second had value compared with its contribution to the value of the property. Taken to the extremes the occupier could sell the windows and roof to pay the mortgage.

Taken by the repo'd previous owner. Apparently it is quite common for items of value to be stripped out once the repo order is given. Obviously does not happen until they move out, just before the repo takes place.

jonathan_1983

Hello everyone, a quick update for the people who followed the story...

Following the Nationwide's decline of a mortgage, decided to go with Natwest.

It was approved (AIP) fairly quickly with the valuation completed a short time later. In the valuation process, there was no mention of the 'no boiler problem'. The offer came through the next day for the full amount required.

Exchanged and completed today so happy days!

Just need to get all the power back on now!

Thanks to all who contributed on this thread.

Yorkie1

Good luck in your new property and thanks for the update!