Seen a home but its it mortgagable?

CaptainKidd

Hi, i'am a first time buyer in Scotland and i've finally seen a house I like but it needs a lot of work, most of it is d!cor, but also needs a new kitchen and bathroom (both are dated) and new windows and exterior door as windows are old wooden sash type and front door is of same age.

On the home report there are a lot of number 2's and 1 number 3 which is for the windows.

Its a decent price at £115,000 with the last house the exact same selling in 2011 for £145,000 which was in a more liveable condition.

My question is would there be any problems getting a mortgage on a house that needs a lot of work? I have 20% deposit and around £7,000 left to get things started and would do most myself as I work in the building trade.

BitterAndTwisted

A dated kitchen add bathroom could not render a property unmortgagable. What is the condition of the windows and doors? If they're not rotten and need to be replaced immediately they won't preclude you being able to raise a mortgage on the property either.

CaptainKidd

Thanks for the reply B&T

The windows are very poor looking, paint peeling and very weather and some cracked although they do still serve their purpose. The door is of the same age and same condition and they get a number 3 on the home report.

I do have the money to get the windows and door changed straight away and also a friend who works for himself installing door/windows so no problems there.

My only concern is of the mortgage company holding back money till works are done and I would need the vendor to agree to this or is this work needed not severe enough for this and they might just want it done within a set time of me buying?

Thanks

BitterAndTwisted

It's not likely that the mortgage-lender would insist on a retention because of windows in need of repair, but it could be pssible.

Still, these windows are in need of repair and that's a million mile away from requiring immediate replacement.


I suspect you may be completely over-thinking all of this

CaptainKidd

Thanks again B&T I think your right in that iam over thinking things its just that I didn't wont to build my hopes up only to be knocked backed for a mortgage due to works needed.

I have no experience of mortgages whatsoever so I think I just needed to hear it from someone else.

Thanks again for your replies :beer: