Will I find it hard to get a mortgage?

The_Aquapanther

I'm looking at a flat that has roof problems.
The owners have offered to give me a big discount on it if I'll take it as it is.
Obviously I'll get a full survey first.

Will I get a mortgage with the flat in it's current state?
Is it possible to get a mortgage that will include extra to cover the repairs?


Cheers.

herbiesjp

You will probably be able to get a mortgage

However, depending on the state of the property as a whole (including the roof), they may place a rentention on the property.

What that means is they may hold back some of the mortgage money, until you have carried out any essential repairs, so if the work misght cost £5k, they may decide to hold back £5k until the work is done.

The_Aquapanther

herbiesjp wrote: »

You will probably be able to get a mortgage

However, depending on the state of the property as a whole (including the roof), they may place a rentention on the property.

What that means is they may hold back some of the mortgage money, until you have carried out any essential repairs, so if the work misght cost £5k, they may decide to hold back £5k until the work is done.

Thanks Herbie.

What does that mean from a practical point of view?
Does that mean that the money will not get released to the seller until I complete the work? Will I not be able to move in and complete the work when I can afford it? As I said before, is it possible to get a wee bit extra on the mortgage to pay for the repairs?

One more thing, I am changing company at the end of this month.
It is still with the same group, and my 8 years at my current company is being honoured, my contract with the new company is going to show a start date of 1999. Will this be a problem with getting a mortgage?


Cheers.