Can I get a mortgage - adverse credit

mishmh12

I'm hoping someone can give me advice for a first time purchase with adverse credit. I'm Spanish and been living/working in the UK for 3 years. My husband is American and a PhD student. We found an attic property that was once part of an old industrial building that was converted to flats in the 90's but this attic property was never converted. The owner has obtained full planning permission and we'd like to purchase it and build it out ourselves. They are asking 70K and we can put 50% down but if we can put less we would. We don't have the intention to build it out right away but we love the space and would like to wait to build until my husband finishes his PhD.

Regarding my credit, my only hiccup is one of my credit cards has 3 late payments in a row in the past 6 months. Due to heavy travelling and sheer forgetfulness. It's all caught up now though. Otherwise, in the past 3 years, my car loan has always been paid on time and my other credit cards have been paid in full every month.

So I have a few questions:
-Can I get a mortgage for an uninhabitable property with full planning permission?
-Are there any lenders that would consider me and my situation?

Thanks!

amnblog

Yes, you probably can get lending but not a standard mortgage. This would be commercial lending, not at the kind of rates where you can sit back and waiting to progress.

I would be wondering why this element of the property was not converted in the first place. Highly unusual.

mishmh12

The developer started to develop it an died part-way during the build-out. The widow held on to the property and never did anything with it until now.

So regarding commercial lending, I want to look into it to see what my optionas are and see if it's viable/works with our future plans. Any suggestions of whom I should reach out to if I have adverse credit?