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Bizarre Mortgage Decline Reason?
Papin362
Posts: 3 Newbie
Hi - I've just had a mortgage application "cancelled" as the valuer gave the property a value of £ZERO. This is due to the warranty/building guarantee apparently just being for the whole building which was converted into 3 flats - one of which I am attempting to buy - and not for the individual flat. The conversion happened less than 2 years ago. Any advice as to whether this is standard practice would be greatly appreciated and help me to save money!
Thanks
JP Papin
Thanks
JP Papin
0
Comments
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As a buyer a lack of warranty should be a concern. Lenders are strict when it comes to an acceptable warranty on a property.0
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Thanks - so do you think that the warranty that covers the whole building is insufficient for all valuers?0
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The warranty is not specific to the property you are buying.0
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make you wonder what else was cut corners onDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Nothing bizarre about a lender considering a converted property as unsuitable security as it does not have a suitable guarantee.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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