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FTB mortgage & firewall issue
nicwantstobuy
Posts: 22 Forumite
Hi all
I’m a FTB, I’m or was in the process of mortgage application with Skipton. Tonight I’ve had an email from them about the house my offer has been accepted on, literally just before their offices closed so I couldn’t speak to them.
They won’t approve a mortgage on the property as I read it, due to firewall - email states “Unfortunately a full retention is required as the valuer has confirmed that the fire all in the roof space has not been built. If applicant wishes to proceed they will need to send in a report confirming that the works have been carried out by a qualified builder , they will also require insurance backed guarantee as well.”
Ive spoken to the estate agent who is contacting the seller to see if they will do this work.
Ive spoken to the estate agent who is contacting the seller to see if they will do this work.
Can anyone think of other ways that I can suggest to resolve this? I love the house & area, absolutely heartbroken. The work obviously needs doing I’d be happy to do it (once mine)
mortgage is with Skipton as it’s a track record mortgage I’m not aware of anyone else offering the same.
Any advice or words of wisdom very welcome
mortgage is with Skipton as it’s a track record mortgage I’m not aware of anyone else offering the same.
Any advice or words of wisdom very welcome
0
Comments
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Seems a rather over the top request - yes it's desirable to have but a commonplace issue and I don't think it generally makes a property unmortgageable. Also - an insurance-backed guarantee for a relatively straightforward bit of building work? I bet nothing else in the house has an insurance-backed guarantee...0
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I know 😞 I really don’t know what to do. All advice welcome!0
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If the estate agent is a big chain with a mortgage broker, they may able to offer advice on this rather than let the sale fall through.
Like recommend a different mortgage provider or do a quick mortgage broker process. Brokers can fast track things. You might need to pay.
The seller may not do the work if they've had no problems with getting a mortgage0 -
Thank you, I’m stuck with the lender as it’s skipton track record mortgage. Still in limbo as apparently we can’t get an insurance backed guarantee for that work 🤦♀️ hoping that the underwriters take mercy on me, see sense & drop that part of the request0
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