Help need mortgage advise quickly

Sammie137

Hi, so basically im buying my mums home and it currently has no kitchen in or heating and I've been told this means I won't get a mortgage.
It was valued by the estate agents at 100,000
We are buying it for 80,000
We have £10,000 deposit so mortgage is only for 70,000
Will be get a mortgage?
We have a terrible credit history but both work full time
And we have a guarantor if necessary too

Also if we out a sink in would this make a difference we don't want to start applying for mortgages tomorrow and end up not getting one because of the kitchen thing

Thanks guys appreciate it

kingstreet

A property has to have a working bathroom and kitchen to be considered acceptable security for a mortgage.

For some lenders that may be (kitchen) a sink and a work surface, for others it may mean more.

If you are in the sub-prime sector as a result of your credit situation, expect the bar to be higher and don't expect the lender to take the reduction in the price as part of your deposit.

As a result, you may struggle to get an 87.5% mortgage (£70k on £80k purchase).

You may wish to take advice from an independent broker.

Yorkie1

OP, is your mum going to live there after you buy the property?

Sammie137

kingstreet wrote: »

A property has to have a working bathroom and kitchen to be considered acceptable security for a mortgage.

For some lenders that may be (kitchen) a sink and a work surface, for others it may mean more.

If you are in the sub-prime sector as a result of your credit situation, expect the bar to be higher and don't expect the lender to take the reduction in the price as part of your deposit.

As a result, you may struggle to get an 87.5% mortgage (£70k on £80k purchase).

You may wish to take advice from an independent broker.

Oh this is disappointing, although we can have a kitchen put in if we need to before they come, bathroom is working

Do you know how long on average it takes for them to come out and check the valuation of the house? So we know how long we have to get it sorted?

I thought it was a case of ltv which would be 70% not 87%
So I need to go to broker and they can search and hopefully find a lender, I mean it's worth 100,000 before we put a kitchen in so surely someone will lend us the 70,000? Or am I been too optimistic?

Many thanks

Sammie137

Yorkie1 wrote: »

OP, is your mum going to live there after you buy the property?

We plan to move in as soon as we can so once the deal is done and we have the kitchen and heating sorted :-)

mrluke

Ikea does a standalone kitchen unit with a sink , might suit your needs

Sammie137

mrluke wrote: »

Ikea does a standalone kitchen unit with a sink , might suit your needs

Thanks if that would tick the box on the mortgage al do it :-) thanks

I'm just worried about actually getting it granted grrr

Yorkie1

Yorkie1 wrote: »

OP, is your mum going to live there after you buy the property?

Sammie137 wrote: »

We plan to move in as soon as we can so once the deal is done and we have the kitchen and heating sorted :-)

If your mum owns the house now, and is going to live there after you have bought it from her (i.e. once she is no longer an owner) then this will cause many lenders to decline to lend.

Sammie137

No she isn't going to live there, she can't manage it hence the sale she is moving to a different property