We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
knackered house - problem for mortgage?
JoeK_3
Posts: 1,374 Forumite
Your circumstances may be different to the neighbour.
Generally, the lender may hold advancing some money back after the property has been valued. This retention will be released to you subject to you having the work completed satisfactorily and a further inspection will take place to verify that.
It would seem that you a switched on to the problems already and you would not be shocked to hear the lender tell you that.
Post the following info:
Property value
Mortgage loan amount
Incomes
Adverse history
JoeK
Generally, the lender may hold advancing some money back after the property has been valued. This retention will be released to you subject to you having the work completed satisfactorily and a further inspection will take place to verify that.
It would seem that you a switched on to the problems already and you would not be shocked to hear the lender tell you that.
Post the following info:
Property value
Mortgage loan amount
Incomes
Adverse history
JoeK
I am an Independent Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
Comments
-
Thanks..
The info is...
Property value £152500 [its been reduced about 20k from asking price due to it being so run down]
mortgage loan amount £105000
incomes joint - co directors of company with net profit of 32.5k
No adverse credit history.. good credit scoring
Thanks0 -
It should be straightforward then
It will all be down to the surveyor and whether s/he thinks the lender should place a retention on the mortgage until any essential works are carried out
But it looks like you are prepared for that anyway
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks.Id forgotten how it all works.. ;-) Cheers.0
-
You do not state your incomes.
The fact that you are employees of your company could cause a problem with some lenders.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
SPAMMM!
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Yeah!. I reported him ;-)0
-
Nothern Rock 100% mortgaged a property i knew of and gave a 25% unsecured loan of the mortgage amount with thier together mortgage, maybe try them if they go that far..............SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards