Mortgage a very run down farmhouse

notreallymyrealname

Just wondered if anyone can help me here, I have recently viewed a run down farmhouse which is set within a farm that hasn't been used for a few years.

I understand the property was lived in as recently as 3 years ago however now requires work to make it habitable.

The property is set within 60 acres of farmland, the roof of the property is leaking in several places and really requires stripping back, felting, new batten and then the old kent peg tiles replacing, several ceilings need to be repaired a bit of flooring replaced. I am a builder and in my view its only a couple of weeks work, structurally the building is fine. The kitchen and 4 of the bathrooms are fully serviceable and all plumbing/electrics are in place. In general the whole house area inc gardens, garages and tennis court is overgrown but the fields are just grass which is cut once/twice a year and used for hay by a local farmer.

The area where the main farmhouse is has planning to build 3 more houses but that is certainly not my short term plan.

I own a few other properties, a couple have no mortgage while others have small mortgages so I could always put a charge or second charge on those.

Interested to know who could lend on this, LTV's and rates, would also be interested to hear from mortgage advisers that may know of a specialist lender as this is obviously not a job for a high street lender.

Bravestar

notreallymyrealname wrote: »

Just wondered if anyone can help me here, I have recently viewed a run down farmhouse which is set within a farm that hasn't been used for a few years.

I understand the property was lived in as recently as 3 years ago however now requires work to make it habitable.

The property is set within 60 acres of farmland, the roof of the property is leaking in several places and really requires stripping back, felting, new batten and then the old kent peg tiles replacing, several ceilings need to be repaired a bit of flooring replaced. I am a builder and in my view its only a couple of weeks work, structurally the building is fine. The kitchen and 4 of the bathrooms are fully serviceable and all plumbing/electrics are in place. In general the whole house area inc gardens, garages and tennis court is overgrown but the fields are just grass which is cut once/twice a year and used for hay by a local farmer.

The area where the main farmhouse is has planning to build 3 more houses but that is certainly not my short term plan.

I own a few other properties, a couple have no mortgage while others have small mortgages so I could always put a charge or second charge on those.

Interested to know who could lend on this, LTV's and rates, would also be interested to hear from mortgage advisers that may know of a specialist lender as this is obviously not a job for a high street lender.

As you say, this isn't a job for a high street lender, but one a mortgage specialist would be best placed to assist you with.

Why not go and see a couple to see what they advise?

You'll probably need to go into more detail than you have here, such as what you plan to do with this property, as well as the other properties you own.

As the property sounds quite run down at present, it may be you are looking for a specialist renovation mortgage provider that may involve releasing funds in stage payments (as you complete the work necessary). Whether that is possible, how much they will lend, what LTV, what funds you already have access to to do the work, etc could all affect the recommendation

kingstreet

This property is likely to have agricultural restrictions which won't be acceptable to the bulk of the lending market and the rest may consider the property unmortgageable on the advice of their surveyor, following an inspection.

This needs to be carefully thought-out by an experienced independent broker before anything is put to a lender.

amnblog

As KS says, if you are serious about this property there are numerous complications and you need a good broker.

Any broker that considers this case for free has most likely never done one before so expect to pay for the right advice.