Bluestone BMV

Trust_me

Hi all,
I have just in the process of obtaining a mortgage from Bluestone but the hiuse we have bought is about 30k cheaper than others that have sold recently in the area. 

The reason for this is it need new heating and every room needs to be refurbished and we were quoted about 25k to achieve this. I’m worried that when it’s valued it will simply be looked as it’s fine as it is which it, if you like 60’s decor and storage heaters. 

Anyone had any experience in this? I know BS allow a 5% tolerance but it’s not going to help. Will I be declined, or will o need to actually pay more for my property? If so that would be a weird conversation with the owner - can I pay you an extra 20k for your house! 

Many thanks!

MovingForwards

Any lender will value the property in its current state, be it new build or 100 years old and never updated. They will assess whether it's worth the money being offered for it, what is being lent and whether they would get their money back if repossessed, it's also cross referenced against similar properties in the location.

You won't get an offer for more than it's currently worth, so the money for the work has to come from your pocket.

If it's any consolation my flat is now 111 years old, has some original interior features, has a 60's bathroom, various era's of décor, various ages of electric fittings (none bakelite), old GCH etc and the valuation came in at my offer on the property. Structurally the property is sound and like yours could do with money spent bringing it up to my taste; all I've done do far is go round with a few tubs of paint as I save up to do various things.

They're a nice lender, staff are very friendly and polite and have been very quick to deal with any queries I've sent them since my purchase went through.

https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages#latest