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    • Raxiel
    • By Raxiel 13th Mar 18, 4:00 PM
    • 655Posts
    • 357Thanks
    Repaired PRC - Remortgage
    • #1
    • 13th Mar 18, 4:00 PM
    Repaired PRC - Remortgage 13th Mar 18 at 4:00 PM
    Our house is a 'repaired' former PRC Semi-detached 'Cornish Unit'. We've lived in it for about 4 1/2 years and will be coming to the end of our 5 year fix with Santander in the summer.

    Wanting to get ahead of any potential rate rises, and wanting some cash to fund a new kitchen, we spoke to our current bank (Natwest) about remortgaging, who suggested some competitive rates, and after several hours with their mortgage advisor offered us a new mortgage that would clear the existing one, shave 8 months of the period, and lend an additional 10k for improvements, with the same monthly payment - subject to a valuation survey.

    Unfortunately after the survey yesterday, they've withdrawn the offer because while our house has been repaired, next door hasn't. Natwest policy requires all homes of this type in a block to be repaired. Shame this wasn't communicated before we wasted several hours of our time and got a hard search on our files but what's done is done.

    We need to find a lender that is willing to mortgage a repaired PRC home without considering the attached property(es)? Preferably one that can give us better rates than the 4.74% we will be on in the summer. Presumably Santander will be willing, since they did before (no guarantee), but no-one is available at my local branch to discuss it with me this week.

    Can anyone offer any other suggestions or recommendations?

    Last edited by Raxiel; 13-03-2018 at 4:07 PM.
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    • Bundle13
    • By Bundle13 25th Apr 18, 2:51 PM
    • 1 Posts
    • 0 Thanks
    • #2
    • 25th Apr 18, 2:51 PM
    • #2
    • 25th Apr 18, 2:51 PM
    Hi - do let me knwo if you hear anything . We have had the work done on ours and now find that loads of lenders won't touch them because our neighbour has not had theirs done. It's insane!! These are perfectly good houses - if next door falls down then both they and us are insured. We have a housing crisis in this country and lenders won't lend on houses that are considered structurally sound by a structural engineer.
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