Mortgage on house currently being rennovated

sacha1dog

ACG wrote: »

I would be surprised due to what the issue is.

Just coming back to close the topic. It took some time, but HSBC have agreed to the mortgage. There is still no kitchen, apart from a sink with a cupboard beneath, and no back wall to the house, as documented in the valuation report.

They say that whilst the section of the valuation report that refers to ongoing works doesn't fit exactly within their terms and normal lending policy, the LTV is low and they view the risk as low.

ACG

sacha1dog wrote: »

Just coming back to close the topic. It took some time, but HSBC have agreed to the mortgage. There is still no kitchen, apart from a sink with a cupboard beneath, and no back wall to the house, as documented in the valuation report.

They say that whilst the section of the valuation report that refers to ongoing works doesn't fit exactly within their terms and normal lending policy, the LTV is low and they view the risk as low.

I would say you have been pretty lucky there. As a broker, I would not have submitted the case for a normal Mortgage.

The deciding factor may have been that there was a sink. Fair play though, every day is a school day but knowing what I know, I would still not risk time on an application for a house with no real kitchen.

sacha1dog

ACG wrote: »

I would say you have been pretty lucky there. As a broker, I would not have submitted the case for a normal Mortgage.

The deciding factor may have been that there was a sink. Fair play though, every day is a school day but knowing what I know, I would still not risk time on an application for a house with no real kitchen.

Knowing what I know now, I wouldn't have bothered applying until the house was more completed. Yes, I have been lucky.