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Class C Mundic Mortgage?
turfey21
Posts: 107 Forumite
Hi all,
We have seen a property which is going to auction and has just come back with a Class C mundic report which I am told is not mortgage-able.
We have been told that you might be able to get a Self Build mortgage to renovate it by taking down the concrete and replacing it but are not sure if they would lend on it.
The council have said that it shouldn't be a problem to do this if we were just going to reniforce the walls.
If Buildstore said that they would only lend on the property if it had planning permission then:
If we knocked it down and rebuilt it then we would need to apply for planning permission and the auction is only 3 weeks away and so there is not time to do this and if we did and it got approved then other prospective purchasers would bid higher on it.
How much do you think a Class C mundic 2 bed 1900 bungalow on 1 3/4 acres in a small town would be worth at auction? The guide price is £125K but they always go way above that don't they!!
I have heard that C & G do mortgages on mundic?
Thanks in advance
Kind Regards
We have seen a property which is going to auction and has just come back with a Class C mundic report which I am told is not mortgage-able.
We have been told that you might be able to get a Self Build mortgage to renovate it by taking down the concrete and replacing it but are not sure if they would lend on it.
The council have said that it shouldn't be a problem to do this if we were just going to reniforce the walls.
If Buildstore said that they would only lend on the property if it had planning permission then:
If we knocked it down and rebuilt it then we would need to apply for planning permission and the auction is only 3 weeks away and so there is not time to do this and if we did and it got approved then other prospective purchasers would bid higher on it.
How much do you think a Class C mundic 2 bed 1900 bungalow on 1 3/4 acres in a small town would be worth at auction? The guide price is £125K but they always go way above that don't they!!
I have heard that C & G do mortgages on mundic?
Thanks in advance
Kind Regards
0
Comments
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in all honesty it's worth the price of a building plot. You can get a mortgage on it but only at a low loan to value and high rates (9.5-10%). I'd be amazed if C&G would look at it, but could be wrong.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I agree with toonfish. I'd be wary of "reinforcing" mundic anyway as it will surely still "poison" the new concrete in due course?Don't see the point anymore in offering advice to people who only want to be agreed with...0
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