Borrowing to buy a house requiring damp repairs

CharlyD

Hi

Wondering if someone can shed any light as I am lost.

This relates to a house in Scotland but I presume it will be the same down south.

My husband and I are planning on buying a home from a member of his family.

We have only received the home report this evening so haven't spoken to our FA yet.

Do mortgage lenders lend you extra to cover necessary repairs such as dampness? The home report states it is a category 3, so requiring urgent repair.

I understand that a mortgage lender will not lend anymore than the property is valued at, but it actually states "market value based on current condition" so surely the repairs would increase the overall market value of the property?

Hope this makes sense

SG27

Unfortunatly it's actually common for the opposite to happen. The lender can withhold some of the money until the repairs are carried out. It's called a retention.

kingstreet

Does the report recommend an independent timber & damp inspection?

If it does, pay for an independent T&D surveyor to inspect, not a "free" report by a firm which installs damp courses.

That way there's less chance of you being told you need a new damp course, when the problem is leaky rainwater goods, soil bridging damp course, chimney flashing loose etc.

http://www.independentdampsurveyors.co.uk/

On your other issue, no you can't borrow based on the repaired value. Best suggestion is to reduce your deposit (if not at minimum) and use the bit you've kept back to pay for the work.