mortgages on underpinned properties

cycloneuk

Any brokers advise on if it is quite easy to get a mortgage on a property that has been underpinned? house was underpinned in 1998 by the owner at the time who came to an agreement with the insurer to have the work done to secure a sale and avoid a period of monitoring.

Movement was believed to be historic and mainly along the party wall, particually towards the rear. I had a structoral engineers report last year before buying (cash buyer) which confirmed no recent movement.

Looking on some of the forums some people say it is very hard while others say that as long as insurance policy transfers or buyer can get insurance then not really a problem.

kingstreet

It's not normally a lending issue.

If the surveyor values the property and suggests it's acceptable security for the loan the lender would normally not have a problem.

As noted, the lender would have a problem if the property could not be insured. The buyer should think long and hard about the implications for raised insurance premiums and the potential difficulty in future marketability.