Where can I get a Mortgage with just a 'drive by' valuation?

Phil2021

So I own a house outright, it's just a small terrace in Wales so not worth lots, only about £77k according to Zoopla. I want to get a Mortgage on it for about £60k to raise money for something else I want to do. Problem is at the moment I am renovating it, most of it is done and looking fine. The thing is I have ripped out the kitchen and bathroom and this is awaiting refitting/redoing. However, I discovered that when the Mortgage company come to value it the valuer tends to give zero valuation as it's said to be uninhabitable. This is of course not the truth in terms of value as it's land & bricks and mortar hold most of the real value. 

For me though if the Mortgage company insist on an actual valuation visit it will be pointless this happening until I fit in the new Kitchen and Bathroom. Now to me I can easily afford the Mortgage repayments but I could really do with getting the Mortgage, the money from it quickly. So I read up and saw that some Mortgage companies just do 'drive by' valuations based on the outside of the property and possibly on online estimates also. Also that these type of valuations are more likely done on Mortgages on houses which the owner already fully owns. I'm not that up on all the different Mortgage providers so was wondering if anyone here knows of any Mortgage providers that just do 'drive by' valuations or have had it done?

[Deleted User]

The truth is that you answer the application questions honestly and one of the questions will be if the property is habitable on the day of the application.  You will either answer that honestly and not get the mortgage approved with a prime lender, or you will answer it dishonestly and move to the next part. 

The next part is the valuation and very few lenders guarantee remote valuations. It usually comes down to how much data the valuers already hold in the area,  what loan size is, credit profile etc.   I just had a £30k loan on a £490k house do a physical valuation as they couldnt sign off a remote one.  You just never know.  

ps, a valuer isnt just valuing for selling price, they are also valuing for quick sale marketability in the event of repossession.  That's the bit that falls down on lack of kitchen/bathroom as they are less likely to be able to sell to the open market quickly

Sandtree

Phil2021 said:

So I own a house outright, it's just a small terrace in Wales so not worth lots, only about £77k according to Zoopla. I want to get a Mortgage on it for about £60k to raise money for something else I want to do. Problem is at the moment I am renovating it, most of it is done and looking fine. The thing is I have ripped out the kitchen and bathroom and this is awaiting refitting/redoing. However, I discovered that when the Mortgage company come to value it the valuer tends to give zero valuation as it's said to be uninhabitable. This is of course not the truth in terms of value as it's land & bricks and mortar hold most of the real value. 

For me though if the Mortgage company insist on an actual valuation visit it will be pointless this happening until I fit in the new Kitchen and Bathroom. Now to me I can easily afford the Mortgage repayments but I could really do with getting the Mortgage, the money from it quickly. So I read up and saw that some Mortgage companies just do 'drive by' valuations based on the outside of the property and possibly on online estimates also. Also that these type of valuations are more likely done on Mortgages on houses which the owner already fully owns. I'm not that up on all the different Mortgage providers so was wondering if anyone here knows of any Mortgage providers that just do 'drive by' valuations or have had it done?

Not sure secondhand bricks and mortar have much value after factoring in dismantling. 

I am guessing this isnt your main home? Who normally lives in it? A residential mortgage requires the property to be habitable by you, other mortgage types are more flexible. 

So the chances are you have to do application fraud and hope that you get a remote or driveby valuation or be honest and find a lender willing to overlook the issues (or wait until its considered habitable). 

Given you are going for a ~78% LTV will increase your chances of them wanting to view inside the property too, plus as not linked to a sale no helpful estate agent photos to add to the confidence that internal inspection not required.

Phil2021

Sandtree said:

Phil2021 said:

So I own a house outright, it's just a small terrace in Wales so not worth lots, only about £77k according to Zoopla. I want to get a Mortgage on it for about £60k to raise money for something else I want to do. Problem is at the moment I am renovating it, most of it is done and looking fine. The thing is I have ripped out the kitchen and bathroom and this is awaiting refitting/redoing. However, I discovered that when the Mortgage company come to value it the valuer tends to give zero valuation as it's said to be uninhabitable. This is of course not the truth in terms of value as it's land & bricks and mortar hold most of the real value. 

For me though if the Mortgage company insist on an actual valuation visit it will be pointless this happening until I fit in the new Kitchen and Bathroom. Now to me I can easily afford the Mortgage repayments but I could really do with getting the Mortgage, the money from it quickly. So I read up and saw that some Mortgage companies just do 'drive by' valuations based on the outside of the property and possibly on online estimates also. Also that these type of valuations are more likely done on Mortgages on houses which the owner already fully owns. I'm not that up on all the different Mortgage providers so was wondering if anyone here knows of any Mortgage providers that just do 'drive by' valuations or have had it done?

Not sure secondhand bricks and mortar have much value after factoring in dismantling. 

I am guessing this isnt your main home? Who normally lives in it? A residential mortgage requires the property to be habitable by you, other mortgage types are more flexible. 

So the chances are you have to do application fraud and hope that you get a remote or driveby valuation or be honest and find a lender willing to overlook the issues (or wait until its considered habitable). 

Given you are going for a ~78% LTV will increase your chances of them wanting to view inside the property too, plus as not linked to a sale no helpful estate agent photos to add to the confidence that internal inspection not required.

This isn't the only place I reside no, no one else resides there apart from me. I'm mainly there to do work on the place. I have got a working ensuite toilet in the place so a sink and loo. I also have a microwave and a small cabinet size fridge. That keeps things decent for me for a few days before back to parental home and a shower, etc. I'm not sure how far they determine a kitchen and bathroom to be? Whether it's just the very basic functions that could be accomplished like running water, cooking, toilet, etc. The place has electricity ok. 

For me I'm guessing a good few weeks minimum to put a kitchen and bathroom. It's not really a problem for me other than time. It's really just a few cabinets and a bit if plumbing. I kept the bath as it's a good quality enamel one and the sink as it's ok. It's really just wanting the money a bit sooner rather than put stuff I want to do now off to later really if possible.

[Deleted User]

There isnt a definition of habitable but by the fact that you are able to live there then i would give that as good a chance as any of passing that test. 

Valuers arent looking for perfection. Just basics.   If youve got a working toilet and very basic kitchen facilities then you would probably be ok

Phil2021

Deleted_User said:

There isnt a definition of habitable but by the fact that you are able to live there then i would give that as good a chance as any of passing that test. 

Valuers arent looking for perfection. Just basics.   If youve got a working toilet and very basic kitchen facilities then you would probably be ok

Many thanks, I was becoming doubtful but your post has given me hope I'm thinking that I could probably tidy the place up and sort out a sort of make shift kitchen just in case. If I connect back up the sink and get a few units in and put the bath in place, etc then I guess I could chance it on passing. Probably best to see if I can get the Mortgage through before committing myself to the stuff I want the money for that less problematic in case it does come up as an issue I'm guessing.

[Deleted User]

Yeah try to get at least a toilet and a sink in bathroom.  And then some sort of washing and cooking facility in kitchen.  Even if its a plug in electric stove might be ok.

Go to a broker who ideally charges on offer or doesnt charge, find a lender with a free valuation and see what happens.  Maybe they will give a list of things needed to bring it up to scratch if they dont pass it

Phil2021

Deleted_User said:

Yeah try to get at least a toilet and a sink in bathroom.  And then some sort of washing and cooking facility in kitchen.  Even if its a plug in electric stove might be ok.

Go to a broker who ideally charges on offer or doesnt charge, find a lender with a free valuation and see what happens.  Maybe they will give a list of things needed to bring it up to scratch if they dont pass it

Good advice, yep I'll try to get it looking decent enough on the basics and see if I can get it scraped through as otherwise it'll take a fair bit longer to do a complete kitchen & bathroom job, many thanks

ACG

Drive by valuations are not so common anymore, they are typically desk top valuations or physical valuations. 

Desktop valuations are more common the lower the LTV.
You might find you are more likely to get a desktop valuation if the LTV were 75% for example. There are other things that come in to play so it is not quite that simple but that is a major part of it.