cornish unit / pre fab morgage

3.0s.jace

Hi,

just wondering if anyone has or has had at some time a morgage for a conish unit property, these as far as i can find out on the internet are 1950 - 1960 prefabricated concrete section houses, usually ex council or housing association

im asking as ive found a bricked up (repaired) unit for sale and would like to buy it but cant find a company to issue a morgage,

any help or advice would be of help

ognum

Just one question

Why do you want to buy it when it will be virtually impossible to resell?

These buildings used to be mortgageable in the days of easy money and have become increasingly difficult to sell.

My advice unless you plan to keep it forever is don't buy!

betmunch

If its repaired then it should be standard construction now shouldnt it?

You will need the PRC repair certificate to prove this to the lender.

Its been years since I did one of these so could be a bit out of date I'm afraid.

Fuzzyness

we knocked down a house in cornwall which had mundic block in it as the only way to keep the plot was to rebuild the house, as the house was unmortgable itself.

Werdnal

Mundic and PRC Cornish Unit are totally different. The Cornish part is just the name - there are 1000's of these properties all over the country. Cornish units are pre-cast re-inforced panels - Mundic is cheaply produced concrete construction, often incorporating mine waste and other products which disintegrate over time.

OP, if its been correctly repaired, it should be certificated and you can use this to get a mortgage a lot easier than if it had never been worked on. However, some are just brick-clad for aesthetic reasons, and not structurally corrected.

This might help you understand the procedure:

http://www.prcproperties.co.uk/

Fuzzyness

cheers for the clarification Werdnal. i was aware that trying to certify mundic block was nigh on impossible in terms of getting a mortgage but it would appear that there is an option for the OP. As usual though, trying to get someone at the other end who understands all this is going to be the trick. are there brokers who specialise in these types of mortgage?

3.0s.jace

betmunch wrote: »

If its repaired then it should be standard construction now shouldnt it?

You will need the PRC repair certificate to prove this to the lender.

Its been years since I did one of these so could be a bit out of date I'm afraid.

hi this has been reapired / bricked up so is now " a repaired " unit, we are awaiting the report that was done on the brickwork construction,

now it has brick built walls does it now fall into an"normal" catagory

thanks

Werdnal

3.0s.jace wrote: »

hi this has been reapired / bricked up so is now " a repaired " unit, we are awaiting the report that was done on the brickwork construction,

now it has brick built walls does it now fall into an"normal" catagory

thanks

As I said in my earlier reply, you need to get the certification/report to prove it has been done to the correct standard. You may find some mortgage companies still won't touch it, but it will make it a lot easier to find someone that will.

Until you get the report and the mortgage company accept it, no-one here can tell you 100% that you will get a mortgage.

del2210

Hi .i disagree with the guy who said don't buy unless it's for life.it all depends on what state it's in.my house was only valued at 130,000 3 bed semi with off rd parking and a garage. We have been offered 175,000 cash buyer for the property wich will leave us morgage free.to brick is 30,000 so a good investment as well as the price would sore up for the house aT present our morgage is with HSBC 52,000 left.