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Mortgage Denied?!
danj
Posts: 12 Forumite
Help Please!
Me and my boyfriend are first time buyers and found what we thought was our dream house.
But we've since had the surveyor go out and do the mortgage valuation/homebuyers survey and it's been declined for lending! The property has a large single story extension to the rear and they've refused it because of that, the report says the extension "appears to be constructed of a timber framework with no masonry external walls but only what appears to be fibreglass spray coated panelled elevations."
What does this mean?! Should we avoid like the plague? When we viewed we didn't notice any problems - no damp or anything to be alarmed about however we obviously are nowhere near experts and didn't really know what we should/shouldn't be looking at. HELP PLEASE
Me and my boyfriend are first time buyers and found what we thought was our dream house.
But we've since had the surveyor go out and do the mortgage valuation/homebuyers survey and it's been declined for lending! The property has a large single story extension to the rear and they've refused it because of that, the report says the extension "appears to be constructed of a timber framework with no masonry external walls but only what appears to be fibreglass spray coated panelled elevations."
What does this mean?! Should we avoid like the plague? When we viewed we didn't notice any problems - no damp or anything to be alarmed about however we obviously are nowhere near experts and didn't really know what we should/shouldn't be looking at. HELP PLEASE
0
Comments
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Well you have two issues.
First issue is, is this OK as a building method? If you really like the house you could pay for a separate structural survey.
Second issue is, even if it's OK, will anyone lend on it?
Oh, and in true Monty Python Spanish Inquisition style, third issue, when you come to sell, your buyers will likely have the same issue.
So unless the lender survey turns out to be faulty you are best to give this one a pass.0 -
Who builds an extension out of fibreglass?!? I can honestly say I have never come across that before.
I would speak to the surveyor and ask if they know of any lenders who may lend on it.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
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