Condition of property to obtain a mortgage

hellywelly1986

Hi, I am in the process of purchasing a house that requires refurbishment. I'm finding it difficult to find out what condition the property needs to be in so that I will be granted a mortgage. i.e. does it need to have a kitchen sink connected to mains water, does it have to have a toilet & bath/shower connected to mains water, do the walls need to be plaster boarded, can cables be exposed on walls, etc etc.

Is anyone able to offer some guidance??

Many Thanks

wannahouse

how about looking a mortgage for a self build/major renovation, from buildstore, or ecology society or something, as they will fund such projects as that.

monty-doggy

I have watched enough housey tv shows to know that you must have a kitchen to get a mortgage and yes the water must be connected. As for the rest of the property it depends on the lender. As above there are special types of mortgage. Some mortgage lenders may put a retainer on the amount they will lend you and release it when urgent works are completed. I guess it also depends on the risk I.e how much equity is there in the house (your deposit) and how likely is it that in the event something goes wrong they can re coup the debt.
I would see an independent mortgage advisor who covers whole of market and see what they suggest. They know who is best for what and if you get a good one it doesn't cost the earth.

ACG

It needs to have a kitchen and bathroom with running water.
They can be horrible and old and you would not use them if your life depended on it but it must have them.
It must also be secure - so have windows and lockable doors.
With regards to exposed cables, im not 100% sure but i would imagine the answer to that is that they can not be exposed as that is potentially quite dangerous.

There are lenders who would offer mortgages that do need renovation work etc but you may need to speak to a broker for these (im not sure if theyre available direct or not).