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Another thread about foam insulation
Comments
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Thanks, our mortgage adviser has said there are no high street mortgage lenders prepared to lend whilst the foam remains in situ
"Hope for the Best
Prepare for the worst"0 -
So your choices are 'cash' with commensurate discount, or low-street lender?
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We had a cash deal agreed, but obviously now, the 4k we budgeted is now 15k, which is just out of reach.
Although as explained in a previous post, it is unlikely that you will need to spend this £15K in the short term.
One scenario is that your son just leaves it as it is ( maybe just open up some holes in the foam for ventilation as @WIAWSNB suggested). Then at some later date, perhaps when he is thinking about selling, maybe just replace the whole roof. Then sell the property with a new roof which would be a good selling point.
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It's a cracking opportunity for a cash buyer. Almost certainly the existing roof situation is manageable, and just won't become an issue for however long your son live there, until the roof needs redoing when it reaches its normal eol.
But, if a mortgage is needed in order to repay the cash loan, then you simply have to have a way of handling this - either negotiate the amount to redo the roof so you can get a mortgage, or accept the current discount 'cos you really want the house, and call on daddy. Or let fate decide - leave the lower offer on the table, and walk away.
Or you, dad, accept that for a good few years at least, you will be paid back at 'mortgage repayment rates', and are prepared to cope with this. What are the chances of your son being able to either pay you off, or save enough to have the roof done in order to get a mortgage? How long would each scenario take? These are the time scales and figures that need to be looked at, and accepted - worst case scenarios for each option.
But first try another mortgage broker to see if there is a more willing lender out there.
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