Nationwide valuation of zero

Thrugelmir

lazer-zxr wrote: »

House still has 70s interior decoration including paneled notty pine everywhere, needs rewire and updated heating.
I've got quotes in and tradesman friends lined up.

Are you proposing a complete refurbishment of the property?

AlexMac

Try other lenders or brokers as suggested above. I sympathise, but at least you're not in as desperate a position as I was when, having had in principle approval to a loan and having discussed the principle of buying a wreck at auction with my bank (of 30 years standing as a customer!) I committed my 10% deposit and pledged to complete within 28 days.

OK, naive, I know, but I didn't expect a bad attack of NSS; " nervous surveyor syndrome" any more than you did. In fact, in my case, it was more like ACS (A... - Covering Syndrome?).
- Loan agreed in full; three days before the completion deadline when I'd lose my deposit... but
- With a 100% "retention"(which means no loan), pending...
- a full structural survey
- a timber & damp survey
- a roof survey
- a trees survey (presumably of the 100-year-ols street trees 10 metres away, which had been there as long as the house...!

Luckily, I'd already smelt a rat (not that I'm saying the child on the Komputr in the bank's remote mortgage centre was a rat), and done what I suggested you do... checked out another lender.

Who bunged me the the money in double quick time... Saved the day!

The irony is, that after spending almost half the purchase cost again on trivia like a roof, kitchen, bathroom, central heating, rewiring, a full redec and flooring.... and even better, renting it out to the boy and his mates to get him outov our hair for a couple of years (and to cover the mortgage)...

I sold it and more than doubled my money!

So booger the "Komputre sez nein"

Try harder

caprikid1

I bought a house using Nationwide in the same condition as yours with 95% down and a minimal survey. This was in 1995 but mine needed everything, re-wire, timber, room , kitchen ,bathroom. It was liveable to a single guy who was happy to get his first house so cheap.