Buy to let mortgages and property condition

Socksey

Hi
I'm looking at getting a Buy to Let mortgage and the property has some minor work needs doing. You could live in it as is but I plan to improve the kitchen and put new carpets and repaint before letting it out.
Will this affect how a lender will view the property or do the insist that it is in perfect condition?
Thanks

tvfreek

For the property to be suitable for letting it should have a working kitchen and bathroom.

Socksey

Thanks.
Yes it does.... but it's just quite scruffy and so I will sort it out before actually letting it.... but I don't want to go through the full mortgage application only to find that even though it has these, that the bank won't lend for things like redecoration being required... or a little damp ( which is just condensation)

nubbins

Hi Socksey,

I am in exactly the same position, found a great house that I might eventually live in one day but will let it out for the next year at least. I would describe the house as dated but certainly liveable but I would definately put new carpets, bathrooms, kitchen etc. I have just finished getting all the deposit monies into one bank account to show the lender and then the dreaded valuation will get done very soon, hopefully within the next week. I too am worried that they are going to undervalue it, the only good thing is that the mortgage comes with free valuation and no fees so if they do muck about I can cross that bridge without incurring expense. I'll let you know what happens.

Cheers

tvfreek

Scruffy is Ok(!) so long as the price isn't beyond what the surveyor thinks is reasonable based on recent property sales in your area.

Bear in mind BTL mortgages rarely allow retention for minor work unless the product specifically allows for it.