Can i raise £20K on a house in disrepair?

csingh

I bought a property 3 years ago at an auction. The property needed work doing on it, something i was aware of...subsidence to a wall. It was a semi-detached, in a popular area, for £45,000 cash.....today, neighboring houses are selling for £135 K+...but in "good" condition.
I bought the house with the intention of rectifying the faults and renting it out. In the last three years, all i've done is tidy it up by having new double glazing fitted, central heating, etc., but it's been empty since. It still needs the wall fixing. The council wrote to me over a year ago asking what i intended to do with it. I told them i would do the work and rent it out. Now the council has issued a letter to say they are seeking to use their empty homes policy to compulsory purchase the house. They have already sent a surveyor to look at it, and he has issued a letter listing work which needs doing. But they have not made an offer. What can i do to prevent a compulsory purchase and can i get a mortgage of £20k to have the work done, because i read somewhere most lenders only want to lend £30k+ and would they consider lending on sush a property even though the house is worth a lot more. Thanks for reading and i welcome any advice and hope to get something done as soon as possible to stop the wife (and council) nagging every day :-/

Mortgageman

can i get a mortgage of £20k to have the work done, because i read somewhere most lenders only want to lend £30k+

Possibly - most lenders will have a minimum of £25k - there are a couple of lenders who will consider loaning less

would they consider lending on sush a property

It really depends on the state of disrepair - most lenders will want it to at least be habitable - I guess your circumstances are a bit more complicated due to the fact that you will be renting it out - it will all depend on what the valuer says. You could consider self build mortgages - but again it depends on the state of the property.