how do i get a mortgage on my Wates build concrete prefab council house?

kestrel_2

Can any one shed any light?
I have the right to buy my concrete pre fab house from my local authority, however am finding it really hard to sort out a mortgage, It was built in the 50's by Wates builders and have been told i can get a mortgage but would be looking at 9% interest or there abouts, my only other apparent alternative would be to go through a building company who would buy my property of the council arrange a bridging loan for the two months that the repairs would take to do then transfer the mortgage over to me, the repairs involve "brick skinning" my property at a large cost, they then produce me with a certificate??? at the end of the build which then guarantees that it is a more mortgageable property.

I can purchase my property for 55,000 and the proposed works will be costing me approx 45,000 thats 100,000 total, thought i was getting a bargain at 55,000!! apparantly not or does any one know any different?

Regards

lindens

I bought my previous house which used to be a prefab, but it had already been brick skinned when i bought it. I still had to dig around myself for the certificate to prove it had been rebuilt and the bad concrete taken out, before my bank would give me a mortgage.
Can you buy it after the skinning or are they only skinning it BECAUSE you have bought it?

heavenly_heaven

i got my mortgage with HSBC for A concrete tower block (don't know what typr of concrete) and i have been offered a fee free 5 year deal at 5.89. i think u have to approach them directly as i am not sure they use brokers!

MortgageMamma

No HSBC dont use brokers

Abbey might do this, perhaps BM solutions and Bristol and West

Speak to an experienced broker

Frame313

I am having the same problem Kestrial and getting no help off are local council. Any help in this suject will be greatly appreciated as I am soon going to hit a dead end.

MortgageMamma

I think what you need is a PCP homes certificate, I admit i am not hugely experienced in this area as I dont get involved with right to buy transactions, but the type of property you have were commonly constructed after the second world war as temporary housing. as they were only planned as temporary they were put up very quickly without due regard to long term use. From what I believe the concrete erodes and decomposes quicker than bricks and these properties have steel frames which can bend and erode to. That is why the lenders dont like to lend on them and also because they are not particularly easy on the eye and the resale value is therefore affected.

They can be a nightmare to mortgage, abbey, skipton bs, first national and few others will lend on them, but the normally all want "remedial work" to be carried out and one of these PCP homes certificates presenting before they will lend on them.

Personally, I think buying this type of house is unwise and more trouble than its worth.

Gorgeous_George

Why not wait a while?

Prices may fall over the next year or three and your purchase price will be lower. There's also a chance that the council will skin the house.

Just a thought.

GG

Dan_Collins_2

PCP homes certificateis what you need after the work has been done. If yours is the only one to be done you still may find it hard to mortgage.

I had a client who got the council to do it before they brought it. It is not cheap.

Concrete houses were meant to be a short term method used to house the London over flow and other industrial developments. You will find that they were probably meant to last 40 years and will probably be standing when houses built in 2007 are a pile of rubble!

ead

my mum in law has 1 of these type houses and tsb would not give her a mortgage she did get 1 with first national who i beleive are now known as G E Capital. that was a few yrs ago

A_Nice_Englishman

If you are having trouble getting a mortgage, it's likely that when you come to sell any potential buyers will have just as much trouble. Do you really want to be saddled with a house you can't sell?

I would see what else is on the market at £100K