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Is there any chance of getting a mortgage on this ?
NinaSwiss
Posts: 278 Forumite
Between my mum and I, we are looking to possibly buy a derelict property together if structural survey comes back with no major problems .
Link: http://www.rightmove.co.uk/property-for-sale/property-39313843.html
The plan I put down the 20% deposit, she funds the work with cash(upto 30k from her, 10k from me).
I can then buy her out in the future, once I can raise the cash she has put in.
I am able to get a mortgage with 20% deposit on my own but won't have enough cash to completely gut the place.
I cant really find ideal houses within my budget and the locations Id be happy with. This house ticks all the boxes but needs gutting.
My question is:
How likely I'm I to get a mortgage on it provided it is structurally sound, no rot issues and fixable damp issue ?
Will the bank consider it inhabitable and therefore not mortgage-able ?
If there absolutely no chance, then I won’t bother as I’d have to pay for the bank’s valuation in addition to my own building survey.
Cheers
PS: Mum isn’t a homeowner in the UK so has no current mortgage.
Link: http://www.rightmove.co.uk/property-for-sale/property-39313843.html
The plan I put down the 20% deposit, she funds the work with cash(upto 30k from her, 10k from me).
I can then buy her out in the future, once I can raise the cash she has put in.
I am able to get a mortgage with 20% deposit on my own but won't have enough cash to completely gut the place.
I cant really find ideal houses within my budget and the locations Id be happy with. This house ticks all the boxes but needs gutting.
My question is:
How likely I'm I to get a mortgage on it provided it is structurally sound, no rot issues and fixable damp issue ?
Will the bank consider it inhabitable and therefore not mortgage-able ?
If there absolutely no chance, then I won’t bother as I’d have to pay for the bank’s valuation in addition to my own building survey.
Cheers
PS: Mum isn’t a homeowner in the UK so has no current mortgage.
Working towards:
[STRIKE]*House Purchase (2015)[/STRIKE] [STRIKE] *Top-up pension (2016)[/STRIKE] [STRIKE] *Clear CC (2016) [/STRIKE]
*Mortgage Overpayment (50% LTV by Jan 2020) *Clear student Loan(by Jan 2020)[STRIKE]*Save for a Car (2017)![/STRIKE]
*Making the most of life!!!
[STRIKE]*House Purchase (2015)[/STRIKE] [STRIKE] *Top-up pension (2016)[/STRIKE] [STRIKE] *Clear CC (2016) [/STRIKE]
*Mortgage Overpayment (50% LTV by Jan 2020) *Clear student Loan(by Jan 2020)[STRIKE]*Save for a Car (2017)![/STRIKE]
*Making the most of life!!!
0
Comments
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I think you should be able to get a mortgage on it, although maybe with some retainers. Have you asked anyone yet? I personally would avoid any "cosy" arrangements with family - they have a habit of turning sour.They deem him their worst enemy who tells them the truth. -- Plato0
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The kitchen would concern me as condition of mortgage is usually functioning kitchen and bathroom!0
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monty-doggy wrote: »The kitchen would concern me as condition of mortgage is usually functioning kitchen and bathroom!
If that sink is plumbed in, the electric socket on the right works (oven can be be plugged in), and the room is structurally safe, then it's a kitchen.They deem him their worst enemy who tells them the truth. -- Plato0 -
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Strapped,
I havent asked anyone at the bank yet. I didn’t think they could advise on much till their surveyor has been to see it.
I see what you say about 'cosy' arrangement with family but we have talked about it at length and we are also happy to leave it to the other if either of us pass.Working towards:
[STRIKE]*House Purchase (2015)[/STRIKE] [STRIKE] *Top-up pension (2016)[/STRIKE] [STRIKE] *Clear CC (2016) [/STRIKE]
*Mortgage Overpayment (50% LTV by Jan 2020) *Clear student Loan(by Jan 2020)[STRIKE]*Save for a Car (2017)![/STRIKE]
*Making the most of life!!!
0 -
If you find it's not mortgagable maybe try somewhere like Buildstore for a self-build type mortgage.
If you get it, make friends with your local timber merchants and builders yards, and negotiate on prices.
ps, those kitchen tiles look original. Wow.
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