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Doer Uppers and mortgage approvals
goodwithsaving
Posts: 1,314 Forumite
Hello all.
I'm feeling really stressed. I'm waiting for a valuation on a house I'm hoping to buy, and it's such a good house with a lot of potential and I knew when I walked in the door that I could picture a 'before' and 'after'. I love the house. It basically just needs updating. The price being paid reflects this. I'd be there for a good few years.
Would any of the below affect a mortgage offer?
- Back boiler still present, in working condition
- Polystyrene ceiling tiles (fire hazard, but just need removing)
- Old 1970s/80s kitchen. Very basic. Space for cooker and washing machine. Taps working.
- Bathroom with bath-size shower tray and shower. No bath. Also a sink. Both working
- Separate loo. Old but working
- Mem2000 fuse box and a newer one next to it (so it must have been part re-wired at somepoint). Mixture of old and new sockets throughout.
- Old gas pipe, properly capped off, coming up from floor in back porch. Safe and would be removed by right people.
- Lifting paper (approx 30cm in a corner of a room) with a bit of condensation (both there and slight in another room upstairs) due to empty property. Not major, I will air the place out and sort the paper and repaint until I can afford to remove the paper completely and re-plaster. No signs of rising damp.
Thank you. I'm going into it with my eyes open and know the work needed etc. My only concern is the mortgage. It isn't overpriced, but I'm worrying about retentions etc.
Thank you
I'm feeling really stressed. I'm waiting for a valuation on a house I'm hoping to buy, and it's such a good house with a lot of potential and I knew when I walked in the door that I could picture a 'before' and 'after'. I love the house. It basically just needs updating. The price being paid reflects this. I'd be there for a good few years.
Would any of the below affect a mortgage offer?
- Back boiler still present, in working condition
- Polystyrene ceiling tiles (fire hazard, but just need removing)
- Old 1970s/80s kitchen. Very basic. Space for cooker and washing machine. Taps working.
- Bathroom with bath-size shower tray and shower. No bath. Also a sink. Both working
- Separate loo. Old but working
- Mem2000 fuse box and a newer one next to it (so it must have been part re-wired at somepoint). Mixture of old and new sockets throughout.
- Old gas pipe, properly capped off, coming up from floor in back porch. Safe and would be removed by right people.
- Lifting paper (approx 30cm in a corner of a room) with a bit of condensation (both there and slight in another room upstairs) due to empty property. Not major, I will air the place out and sort the paper and repaint until I can afford to remove the paper completely and re-plaster. No signs of rising damp.
Thank you. I'm going into it with my eyes open and know the work needed etc. My only concern is the mortgage. It isn't overpriced, but I'm worrying about retentions etc.
Thank you
0
Comments
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Ive bought 2 properties similar to what you describe with normal lenders. Both went straight to offer.
Chances are you would struggle with a Buy to let Mortgage but a normal residential mortgage should be fine.I am a Mortgage AdviserYou 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.0 -
Ive bought 2 properties similar to what you describe with normal lenders. Both went straight to offer.
Chances are you would struggle with a Buy to let Mortgage but a normal residential mortgage should be fine.
Thank you. I'm a 73% LTV and going with a high street lender. My last purchase fell through after 23 weeks but then this one came along, and I love it. I can see this house as my home for a long time.
Fingers crossed.
Thank you0
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