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Can I get a mortgage on a house with no kitchen or bathroom?

lanclass_2
lanclass_2 Posts: 46 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Hello
Is it possible to get a mortgage (ideally buy to let) on a property that is part way through modernisation and renovation, so has no kitchen or bathroom installed? Could anyone point me in the right direction to do some research?
Thanks!

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    lanclass wrote: »
    Hello
    Is it possible to get a mortgage (ideally buy to let) on a property that is part way through modernisation and renovation, so has no kitchen or bathroom installed? Could anyone point me in the right direction to do some research?
    Thanks!
    Yes....you can mortgage it. You can remortgage it later to release more funds to pay the builders. Or take out a second mortgage on the house you live in (if you own it and have enough equity).
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • kingstreet
    kingstreet Posts: 39,350 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You'll need to talk to a firm like Buildstore for a specialist renovation product.

    You won't get a normal residential or BTL product on a property with no kitchen or bathroom. Surveyors are recommended not to value a property in such circumstances.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 24,736 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ive literally just had an email pop through for something that will probably do what your after.

    Get in contact with a broker and they may be able to help. Ive not read into the product too much but it seems possible.
    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.
  • Essex2201_2
    Essex2201_2 Posts: 10 Forumite
    I think legally a property had to have a toilet installed to be able to obtain a mortgage on it.. That's what I have been told by an EA anyway
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Essex2201 wrote: »
    I think legally a property had to have a toilet installed to be able to obtain a mortgage on it.. That's what I have been told by an EA anyway
    You get the mortgage based on the value of the underlying land. The house can be worthless. The land doesn't have to have a house on it and whatever building is on the land can be in any state.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Jimbo1976
    Jimbo1976 Posts: 498 Forumite
    If you want a normal mortgage on a house, whether buy to let or residential. It normally needs to be habitable so it will need a kitchen and a bathroom.

    Without these a surveyor will report back to the lender and the lender will put on a retention (normally 100%)

    It may be possible to get a commercial mortgage on land though this will typically depend on the usage and its planning permission.

    As Kingstreet and ACG have suggested speak to a broker, the vast majority of buy to let mortgages are sold through brokers. The broker will also be able to help with regards to the properties lack of kitchen and bathroom
  • koexelek
    koexelek Posts: 7,847 Forumite
    Jimbo1976 wrote: »


    Without these a surveyor will report back to the lender and the lender will put on a retention (normally 100%)

    This will almost certainly be the case with all lenders. In the current climate, lenders won't like a property like that at all
    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.
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