Help! £8k down on auction property

chappers

A kitchen usually a sink, for mortgage reasons as for a bathroom my guess would lean towards a toilet but not entirely sure the best way for the OP is to ask.
There are lenders out there for that but they are usually commercial lenders, as for self-builds money is usually dripped through as the build progresses so the lenders risk is matched by the increasing value of the property as it gets built.
I too have always thought it madness that lenders criteria can be based on simple definition.

dancingfairy

So you've exchanged and have 28 days to complete? How much do you need to find, presumably it's 52k plus fees?
If you fail to complete how much is it likely to cost you? You need to weigh up losing the deposit plus further costs against trying to get some kind of finance. Could you get a loan of some kind? Complete on the property then remortgage when you've upgraded the property of fitted the kitchen and bathroom?
Can you re mortgage where you are?
Df

Ozzuk

Before you jump into installing a bathroom, as others have said make sure first that is the only reason they will turn you down (or issue retention). For instance, if the house needs a lot of work they could ask how you are funding that. Will this be your main residence? If it isn't then the LTV will be a lot stricter.

Really nasty situation and likely and expensive one - I wish you luck.

davidmcn

eddddy wrote: »

It might be good to arrange a surveyor pretty quickly as well.

deannatrois wrote: »

get a surveyor in

It already has a Home Report (= in Scotland) so the OP in principle ought to be able to rely on that survey without having another one done (though the surveyor's misleading advice about mortgageability might raise concerns about the remainder of the report).