Woolwoch refusing mortgage on ex council house due to..

nationalengraver

Corrosion of the reinforcement steel. Can anyone shed light on what this is and if I find another lender would it be worth while goping ahead with purchase??

We have set our minds on this house and now we are back at square one again ahhhhhhh

BitterAndTwisted

Sounds like the lender is doing you a huge favour. Why would you want to buy a property with such great risks attached to it that the Woolwich won't touch it with a barge-pole?

andy.m_2

kill it, kill it with fire.

If I'm reading it right it's a concrete house with rebar rust.

You got off lightly and should buy a lottery ticket on your way home tonight

Gonzo33

Agree with the above. Plus I doubt very much anyone will lend on that property.

nationalengraver

The valuer has spoken to us and said he had mortgage offer accepted on same property several months before with Santander. Woolwich are apparently different

I know you are all right tbh but need some time to let go of this property.

Thank you guys

andy.m_2

Please dont take too long to dismiss this property.

Otherwise you are in danger of talking yourself into it.

This cannot end well for you if you proceed with another lender.

Get over it, there are thousands of other properties out there and more than one will be right for you I promise.*





* was this place ridiculously cheap at all?

PasturesNew

Sounds like a typical "non standard construction", which is almost impossible to get a mortgage for in any case. They are concrete blocks, held together with steel. The fact that one's got corroding steel means it's disintegrating every day.... and, left alone, will end with a big rumble and cloud of dust.

There will be people who can buy this because they're paying cash, have the means/knowledge to fix it (usually by lifting the whole roof 2" up and replacing every external wall, then plonking the roof back down) .... and so usually builders etc.

Fixing it'd cost another £20k+

nationalengraver

Ok Im hearing you.....but, if a full repair could be done would this negate any future buyer worries or the mortgage lenders concerns?? Is a possible revised offer including the price of repair worth looking into at all?

andy.m_2

no........

teneighty

I would suggest you get some more information from the Valuer as "corrosion of reinforcement steel" is rather vague.

It could be a precast reinforced concrete house in which case you need to find out which type it is. All of them have structural problems but some are far worse then others. Alternatively it could be a traditional built house with concrete lintels and it is the reinforcement in the lintels which has corroded and could be a reasonably straightforward job to cut out and replace the lintels.

Once you have all the information you can make an informed decision if you want to proceed and whether the costs of the repairs/rebuild are reflected in the asking price.

Debt_Free_Chick

nationalengraver wrote: »

Corrosion of the reinforcement steel. Can anyone shed light on what this is and if I find another lender would it be worth while goping ahead with purchase??

We have set our minds on this house and now we are back at square one again ahhhhhhh

Sounds like you need a full structural survey from a surveyor specialising in this type of construction.

Their report will tell you all you need to know.