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Uninhabitable property - can't get mortgage

OrangeSherbert100
OrangeSherbert100 Posts: 20 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
I'm considering bidding for a 19th century property at auction. It hasn't been lived in for over 30 years and has no kitchen or bathroom (just a wc) so needs lots of work. Several lenders I have approached about a mortgage have said this means the property is regarded as uninhabitable and they won't provide a mortgage for this reason.

Are there any specialist lenders that might do it?

Thanks for reading.

Comments

  • toonfish
    toonfish Posts: 1,260 Forumite
    buildstore are the kiddies
    I am a Mortgage Adviser
    You 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.



  • exil
    exil Posts: 1,194 Forumite
    Don't know about them but I do know it's possible to get a mortgage which gets released in stages as the work to build/renovate continues.
  • apk1
    apk1 Posts: 162 Forumite
    what you need to look at is a selfbuild mortgage, the risk is if you buying at auction, you will need to get application/valuations/plans and costings done before hand so you know you will be able to complete on the deal.

    The other option is a secured loan through your bank, which can be a bit more flexible, it will cost more, but can be replaced with a cheaper mortgage once the work is done.
    I am a Mortgage Adviser

    You 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.
  • double_d77
    double_d77 Posts: 57 Forumite
    as mentioned buildstore does self builds http://www.buildstore.co.uk/finance/

    Dave
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