Specialist Lenders?

london.cidade

I've recently had an offer accepted for a property, but it has two unfinished rooms and  one  unfinished bathroom, making it unsuitable for traditional mortgages. Do you have any experience with specialist lenders who might be able to assist in this situation? I've been advised to contact them directly, but I'm unsure where to start. The plan is to complete the renovations within a year and then apply for traditional mortgages with lower interest rates. Thank you for your help.

our LTV is around 50%... 

secla

Does it have any functioning bathroom ? and what do you mean by unfinished rooms.

As long as it has a functioning kitchen and bathroom most mortgage company's will be ok but obviously value on its current condition

DullGreyGuy

secla said:

As long as it has a functioning kitchen and bathroom most mortgage company's will be ok 

Out of curiosity, what counts as a "functional bathroom"? I am guessing it doesn't technically need a bath otherwise our last flat would have been a problem with only showers. Does it need a bath or shower or would just a WC be sufficient?

Having a complex background I saw a home unmodernised since I was born (late 70s) was up for sale with no internal "bathroom" and just the original outside WC and assumed this couldn't be mortgaged... they had at least added internal hotwater unlike my birth home.

secla

a quick google says a functional bathroom must have hot and cold water and a toilet.

i looked at a house which still had an outdoor toilet once and that wasn't mortgageable

amnblog

You need a Broker, not a Forum.

housebuyer143

Your more likely looking at a renovation loan, given as a mortgage from someone like CHL. I'm not sure you can get a traditional mortgage on an inhabitable property. 
You need to get a broker, and most likely a paid one who specialises in complex cases. 

london.cidade

secla said:

Does it have any functioning bathroom ? and what do you mean by unfinished rooms.

As long as it has a functioning kitchen and bathroom most mortgage company's will be ok but obviously value on its current condition

it has a functioning bathroom and kitchen. the reception, 2 bedrooms, the loft room all in good condition.
the extension + 1 bedroom + 1 bathroom require, plastering + paint + door + flooring + wall tiling.

london.cidade

housebuyer143 said:

Your more likely looking at a renovation loan, given as a mortgage from someone like CHL. I'm not sure you can get a traditional mortgage on an inhabitable property. 
You need to get a broker, and most likely a paid one who specialises in complex cases. 

thanks I had "precise" in hand. now CHL too. yes i have a mortgage advisor, been told that they dont deal with specialist lenders. hence speaking with another advisor now.

london.cidade

amnblog said:

You need a Broker, not a Forum.

Would you like to help with this ? if yes, could you please send me your number & email. thanks

Myci85

Have you looked at Buildstore or Ecology BS?

london.cidade

Myci85 said:

Have you looked at Buildstore or Ecology BS?

No i havent. My mortgage advisor advised for furness. I think he will go fo furness

I added them to my list. Thanks