PRC motgages

IbilboI

Hi,

I am currently considering the purchase of a PRC home. I have spoken to a few mortgage brokers and finance wise if it was a standard build house there would be no problem. But strangely everyone becomes very vague when it comes to non standard....
Very frustrating to get a solid answer.
Anyway, can you recommend any mortgage lenders who deal with PRC homes?

minimike2

Ask yourself first, do you really want to spend that much money on something which becomes a potential nightmare to a. Keep standing b. Sell in future, due to the exact reason you are here asking this question?

An experienced broker will be able to guide you. Brokers on this forum do not recommend specific lenders though.

Generally speaking IMO a PRC property is just not worth the hassle if buying.

stator

Depends entirely on the type of house. Common types like BISF you should find someone who'll lend on it.
As long as you get it checked out by an expert, they can be a good option for some people

amnblog

Do not buy such a property.

The problem is not getting lending to buy the property today as much as getting it sold tomorrow.

IbilboI

Cheers for the replies, you all sound more optimistic than me haha. In regards the property, I see the main value in the plot size and location rather than the house itself. (Big plot, small house)
Compared to others within close distance, the land would be worth around 60-70% of the asking price.... I will of course be having a full structural survey by a company who specialises in PRC homes before spending any big money. But even if it goes 't*ts up, the land value alone as a building plot will hopefully soften the blow

stator

Is it an investment or are you planning on living in it for decades?
If you're living in it, then ability to sell might not be important.
If it's been standing for 60 years and still mortgagable I wouldn't expect that to change, as long as the house is maintained correctly for it's type.
Most PRC houses can be converted to a standard construction house without a full knockdown and rebuild. So it's worth investigating how much that would cost before you buy it.