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Buying a properly that needs underpinning
Irar
Posts: 21 Forumite
Hello, I've been to view a property that needs underpinning on the extension. The property is going to auction and we are first time buyers.
I'm wanting to know if I could get a mortgage on a property that needs underpinning? And if if we did get a mortgage excepted before going to auction.. Could we loose are deposit. I think the auction want 10% on the day.
Also how much would it cost to underpin a extension? It's about 12"x12"
I can get the link to the property if needed
I'm wanting to know if I could get a mortgage on a property that needs underpinning? And if if we did get a mortgage excepted before going to auction.. Could we loose are deposit. I think the auction want 10% on the day.
Also how much would it cost to underpin a extension? It's about 12"x12"
I can get the link to the property if needed
0
Comments
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You are not going to raise a mortgage on an unmortgageable property to purchase it through auction.
You would have to complete the "essential repairs" identified by the surveyor commissioned by the lender within four weeks to draw down the remaining funds to complete the purchase and the cost of the repairs would have to come out of your own pocket as you can't borrow against the future "repaired" value.
You are not the first FTB to see auctions and "cheap" property and see £££ signs. Unfortunately, needing a mortgage means this is potentially unworkable.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
There is also the matter of insurance which can be difficult to organise and more expensive than you might expect.0
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