Unmortgageable property from Natwest/Barclays? (Farmhouse)

-Jonski-

Hi,

Hoping someone can offer some support or recommend an expert.

My wife and I are hoping to move house and have had an offer accepted on a farmhouse that's being sold off as a separate lot to some neighboring barns with planning permission.
Everything seemed to be going fine, but now both Natwest and Barclays surveyors have said they won't offer a mortgage for it.

I understand this is because it's next to commercial property (barns/farm) and the access is shared with commercial use (private road, but right of way has been promised).

Our (free) Mortgage advisor seems to be struggling, so I wondered if someone could recommend what we could do? Either a lender of broker that might be able to deal with this sort of thing?

Any help appreciated.

spadoosh

Is this a renovation?

The buildstore are one of the go to's for self build and rennovation mortgages, could be worth a try. Youll probably pay a bit more than standard rates.

-Jonski-

spadoosh wrote: »

Is this a renovation?

Not really, no. The home needs a little modernization, but there's people living there at present.

kingstreet

Agricultural restrictions as well?

-Jonski-

kingstreet wrote: »

Agricultural restrictions as well?

If I understand you correctly, no restrictions/ties on any of the plots.

I've asked for more information, but it sounds like it's all to do with it being next to barns/paddocks and the access being shared.

[Deleted User]

I tried to place an equestrian property recently. Natwest, Nationwide, Barclays all declined on valuation as too bit a risk of it being commercialised. Ended up approved with HSBC.

The broker should have access to Business Development Managers and most of them have a pre valuation team where they can check the property on right move and give an indication of it being acceptable or not.

Otherwise, smaller regional building societies tend to be quite good at understanding their own areas and can let cases slip through. If you have one nearby then maybe worth a chat. For instance, Im based near Cambridge and if ive got a property that the high street dont like then my locals such as Cambridge BS, or Ipswich BS will usually be more open

-Jonski-

Deleted_User wrote: »

I tried to place an equestrian property recently. Natwest, Nationwide, Barclays all declined on valuation as too bit a risk of it being commercialised. Ended up approved with HSBC.

The broker should have access to Business Development Managers and most of them have a pre valuation team where they can check the property on right move and give an indication of it being acceptable or not.

Otherwise, smaller regional building societies tend to be quite good at understanding their own areas and can let cases slip through. If you have one nearby then maybe worth a chat. For instance, Im based near Cambridge and if ive got a property that the high street dont like then my locals such as Cambridge BS, or Ipswich BS will usually be more open

Would you suggest I ask my broker to speak to his HSBC BDM re pre valuation?

[Deleted User]

To be honest if it was me, I would just fire out the same email to every bdm I had details for to get their thoughts. They would run it past an underwriter or if lucky an internal valuer or something.

Might come down to trial and error before it gets placed

SonOf

We have an ex farmhouse with a shared track with the farm that now uses the fields around us. Santander didnt blink at that.

We have our own paddocks but there is also a paddock, not owned by us one side of ours that uses our track to the house and that isnt an issue (that wouldnt be with any lender as plenty of properties border onto paddocks and fields).

We have all the barns though with none belonging to anyone else. So, that is one difference.

Where the buildings are within a clear boundary, there would not normally be an issue. But if yours is within a complex of other barns/buildings and boundaries are not clear and ownership/future not known, then I suspect that is more likely to be the issue.

Seems to me that the best suggestion is for the mortgage broker to email out to their BDMs and mortgage club support staff to see if any of them can help.

amnblog

SonOf wrote: »

Seems to me that the best suggestion is for the mortgage broker to email out to their BDMs and mortgage club support staff to see if any of them can help.

To be fair, if she or he has not already done that you are dealing with a 24 carat idiot.

Give them some space to sort this out.

It sounds more tricky than impossible.