Council house mortgage

bestyman

Hi,
Planning on buying council house and need mortgage.
Value £45,000
Price after discount £30,000
deposit if needed £1,500

The house is constructed of steel frame and concrete slabs and is eventually in need of bricking up . At 30k Its gotta be bought because the required work will cost 20k . £50,000 in total for houses that are selling at £90,000.

We could afford £400- £500 a month so are looking at a 10 year mortgage or even less. We are in no hurry to have the work done , there are thousands of houses like ours around here without obvious problems.

Can anyone reccomend a lender with a competitive rate that would lend on such a property?

Thanks

Fairdo_2

Bestyman

I have had many dealings with various types of properties that fall foul of some Lenders.

The general rule of thumb is that "non-standard" properties will always be subject to their chosen valuers comments.

However, some Lenders would not touch particular types of property with a barge pole.

I do know that Abbey are pretty flexible with their lending criteria on properties and are renowned for lending on concrete clad properties.

It sounds as if yours may be a "Laing Easy Form" property, although there are others that may fit the same description.

The likes of Halifax, RBS (Royal Bank of Scotland), IF (Intelligent Finance), Accord Mortgages amongst others, may be able to lend on this type of property, but with all of them, it would be subject to condition of property and valuers comments.

Some of the above may even ask for a Structural Engineers report before confirming whether they would lend or not. (Quite an expense for the potential to be told no).

A very good local guideline would be to ask around. Speak to neighbours (nicely) and ask what lenders they have had in the past. (Obviously, try the neighbours with property type like the one you are going for. Ideally in a similar condition).

Top of the list however, would be Abbey as they seem to be very easy going.