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Mortgage valuation says NSC
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M1nnsh
Posts: 3 Newbie
Hi, sorry if this isn't the right place to post.
Ftb and having a bit of a nightmare. First House we offered on we lost out to a higher bidder, 2nd one the vendor changed their mind about selling...3rd time lucky hey...or maybe not!
Offer accepted and mortgage application went in a few weeks back, valuation was done Tuesday and has come back saying it is Non standard construction (clay/cob) which our lender won't lend on. Estate agent and vendor were contacted who then contacted their current mortgage lender to ask for a copy of their valuation survey which says 'standard construction' so our mortgage broker is currently waiting to receive a copy of that.
The problem we have is we are having to get an adverse credit mortgage due to some historical issues so if we add NSC to the mix as well I think its unlikely we will get a mortgage.
Any advice/help?!
Feeling pretty deflated by the whole thing to be honest.
Ftb and having a bit of a nightmare. First House we offered on we lost out to a higher bidder, 2nd one the vendor changed their mind about selling...3rd time lucky hey...or maybe not!
Offer accepted and mortgage application went in a few weeks back, valuation was done Tuesday and has come back saying it is Non standard construction (clay/cob) which our lender won't lend on. Estate agent and vendor were contacted who then contacted their current mortgage lender to ask for a copy of their valuation survey which says 'standard construction' so our mortgage broker is currently waiting to receive a copy of that.
The problem we have is we are having to get an adverse credit mortgage due to some historical issues so if we add NSC to the mix as well I think its unlikely we will get a mortgage.
Any advice/help?!
Feeling pretty deflated by the whole thing to be honest.
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Comments
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Is the property thatched as well? Round my way, cob is usually thatched, which adds another layer of complexity for insurance and the need for replacement roughly every 20-25 years.Different lenders will view cob or part-cob in various ways, but as with insurers, there are some that lend and some who prefer not to stray from the usual building methods. The devil may be in the rate you are offered by one of the more flexible lenders."Everything's just f.....ine!"0
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No not thatched, having spoken directly to the seller today it looks like the only part that is cob is the chimney, everything else is brickDustyevsky said:Is the property thatched as well? Round my way, cob is usually thatched, which adds another layer of complexity for insurance and the need for replacement roughly every 20-25 years.Different lenders will view cob or part-cob in various ways, but as with insurers, there are some that lend and some who prefer not to stray from the usual building methods. The devil may be in the rate you are offered by one of the more flexible lenders.0 -
If the chimney stack is cob, it will have a brick interior. Cob wouldn't be a suitable chimney lining, given that it usually has straw and animal hair in it as binders!
"Everything's just f.....ine!"0 -
As there are so few replies here, you might be better posting on the Mortgages board.
"Everything's just f.....ine!"0 -
https://forums.moneysavingexpert.com/categories/mortgages-endowmentsDustyevsky said:As there are so few replies here, you might be better posting on the Mortgages board.
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