Cornish unit Mortgage advice

brokeinbristol

Hi

I live in a Cornish unit which is semidetached and whilst I have a mortgage on my property as it has had the work done to make it mortgageable my neighbour has not. I bought the house in 2005 and got a mortgage at the time no problems. I am now selling the property. Which lenders will lend

erin110

Recently dealt with a Cornish property however, it was a flat opposed to a house and it has had the council recommended energy measures but not the PRC. I was able to find my client a lender but it wasn't cheap and it certainly wasn't a high street lender. You are correct in that lenders will lend if the PRC works are done but if the property is attached then the lender expects the work to be done on both properties.


There may be a lender who will consider this that is cheaper than what I found for my client on the basis that you have completed the PRC works. You need to contact a LOCAL experienced broker as they should have come across this before. Failing that I would speak to your estate agent about other options such as marketing the property to a different market.

brokeinbristol

Thanks for your comments.
What difefrent marker would you suggest? Cash buyers only I presume? Also, would we be able to part exchange the property for a new build?

erin110

Unfortunately things change.


Yes, cash buyers was something I was thinking about. Its very unlikely you are going to get a home mover or first time buyer as the fact they can not just call their own bank and get a mortgage would scare them off as you have experienced. It might be more suited to a landlord, best to speak to an estate agent though.


As for a part exchange. It may be possible but you would need to speak to them direct.

kingstreet

A developer would not take such a property in part exchange.

brokeinbristol

Ok thanks for the reply.

StixUK

Sorry to resurrect an old thread but I'm in the process of possibly buying my Cornish unit house in Exeter through Right to Buy.

What kind of lenders are available and do I definitely need to brick it up before getting a mortgage?

If I do need to brick it up can that cost be lent to me first and then added to the mortgage as I am sure I have heard of some mortgage companies giving you an advance then mortgaging after the PRC certificate is granted?

Any help appreciate as it appears that in the beginning I will need to pay a higher interest rate but with a 40% discount I'm assuming I'm going to have a substantial amount of equity even after £30k bricking up costs, so my LTV should be quite favourable?