Problems with mortgaging a Victorian House

TomTom20162018

I am posting this because the mother-in-law will not leave me alone about a Victorian house my wife and I are about to buy in the manchester area. I am sure it's a silly question, but the mother-in-law has been known to be right on occasion.

Essentially my wife and I are buying an end of terrace 3 bed in the manchester area. It was built in 1904, but from the survey seems to have nothing wrong with it. We are buying outright as we need to move sharpish (currently staying with the in-laws!), so thats not an issue, but in a few months time think we might want to remortgage and take some equity out of the house for extensions/redecoration/new car/etc.

The mother-in-law is trying to say that houses of this era have issues with getting mortgages due to their age, and she is insisting I go and see a mortgage broker and pay them £xxx just so that can tell me for sure. Then she is trying to say you cannot remortgage a house within the first two years (her friend told her apparently). Manchester has so many Victorian properties I find it hard to believe mortgage providers will not fork out. Equally, I have no idea where this "you cannot remortgage within two years of buying a property" stuff has come from.

My question this is: is the mother-in-law on to something, and should I pre-emptively see and pay a broker for advice, or is she talking nonsense? Anyone been in a similar situation? (with the house, not the in-laws!)

Thanks in advance!

heston2014

Hi

It sounds to me your mother-in-law doesn't want you to move out! lol
Joke aside, you can get mortgages with 2 year fixed and then look into remortgaging / switching lenders at the end of the fixed term. Best thing to do is speak to a broker and research similar properties in the area that have sold in the last few years to get an idea of how much it sold / any equity over time sort of thing and current estimate values.

Look for brokers that don't charge upfront fees - find ones that only charge upon mortgage offer.

:-)

LRmortgage

A lot of lenders don!!!8217;t like back to back transactions, but this is usually classed as 6 months rather than 2 years.

So, if you!!!8217;re buying with cash now, no mortgage. I!!!8217;d expect subject to affordability, criteria, relevant checks etc that you!!!8217;d be fine to remortgage after 6 months.

sparkey1

You can get day one mortgages from the day you buy the property. However you have little choice of lenders. Most operate a 6 month rule. One thing to bear in mind is that if you are planning to take out a mortgage later, you will end up paying more legals fees. So it might be worth buying the house with a mortgage in the first place, and using your non borrowed money to fund your improvements.

flashg67

If that were true, no-one but cash buyers in my area would ever buy or sell (I'm is similar area to you) as there are thousands of Victorian terraces. I have bought two in Lancs in the last couple of years with no problems. You may find survey scares/issues with damp, old electrics. poor insulation etc, but nothing to stop a mortgage, in my experience anyway

SG27

A had a mortgage on house built 1680 and just sold to the first buyer also with a mortgage. Plus its grade 2 listed. You have no worries