Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Laura Bee
    • By Laura Bee 12th Aug 18, 4:01 PM
    • 2Posts
    • 0Thanks
    Laura Bee
    Is this house mortgageable?
    • #1
    • 12th Aug 18, 4:01 PM
    Is this house mortgageable? 12th Aug 18 at 4:01 PM
    Hi
    Please can anybody give me some advice
    We have inherited a house that hasn't been lived in for a few years.
    There was some dry rot which we have had dealt with. In order to do the work we had to remove the bath and wash basin.
    The water is off at the mains to avoid possible bursts but there is still a toilet upstairs and a kitchen sink
    The gas is off but the electrics are fine.
    We would like to sell it but are a bit concerned in case it would be unmortgageable.
    Does anybody have any knowledge about this
    Many Thanks
Page 1
    • Cakeguts
    • By Cakeguts 12th Aug 18, 6:34 PM
    • 5,308 Posts
    • 8,078 Thanks
    Cakeguts
    • #2
    • 12th Aug 18, 6:34 PM
    • #2
    • 12th Aug 18, 6:34 PM
    Enter it into a property auction.
    • walwyn1978
    • By walwyn1978 12th Aug 18, 8:58 PM
    • 540 Posts
    • 521 Thanks
    walwyn1978
    • #3
    • 12th Aug 18, 8:58 PM
    • #3
    • 12th Aug 18, 8:58 PM
    Or go into EA's and explain that you want it pushed at developers, not private clients, who may well have cash reserves to buy it outright without a mortgage.
    • steampowered
    • By steampowered 12th Aug 18, 9:20 PM
    • 2,946 Posts
    • 2,925 Thanks
    steampowered
    • #4
    • 12th Aug 18, 9:20 PM
    • #4
    • 12th Aug 18, 9:20 PM
    I would get a bit of work done to make sure the plumbing works, electrics work - then you shouldn't have a problem.
    • Hoploz
    • By Hoploz 12th Aug 18, 10:23 PM
    • 3,842 Posts
    • 3,386 Thanks
    Hoploz
    • #5
    • 12th Aug 18, 10:23 PM
    • #5
    • 12th Aug 18, 10:23 PM
    I don't see why it wouldn't be mortgageable. It has a working kitchen sink and toilet.

    Having said that, it might be worth spending a few hundred or perhaps even a bit more, to get it into a liveable state, which would open it up to owner occupiers rather than just developers who'll want it cheap.
    • davidmcn
    • By davidmcn 12th Aug 18, 11:01 PM
    • 9,284 Posts
    • 9,896 Thanks
    davidmcn
    • #6
    • 12th Aug 18, 11:01 PM
    • #6
    • 12th Aug 18, 11:01 PM
    I don't see why it wouldn't be mortgageable. It has a working kitchen sink and toilet.
    Originally posted by Hoploz
    I think "habitable" also means a working bath or shower.
    • Davesnave
    • By Davesnave 13th Aug 18, 12:04 AM
    • 26,848 Posts
    • 96,560 Thanks
    Davesnave
    • #7
    • 13th Aug 18, 12:04 AM
    • #7
    • 13th Aug 18, 12:04 AM
    My experience suggests a functional bath or shower + sink and toilet is essential for mortgage purposes.

    I agree that spending a small amount now would probably give a better return than being restricted to cash buyers.
    "We won't get fooled again...."
    • Laura Bee
    • By Laura Bee 13th Aug 18, 1:11 AM
    • 2 Posts
    • 0 Thanks
    Laura Bee
    • #8
    • 13th Aug 18, 1:11 AM
    • #8
    • 13th Aug 18, 1:11 AM
    Thanks for all your help.
    I was hoping that a toilet upstairs and a kitchen sink would be acceptable to the lenders.
    There are quite a few things to consider doing to make it more saleable

    Thanks again
    • Davesnave
    • By Davesnave 13th Aug 18, 8:51 AM
    • 26,848 Posts
    • 96,560 Thanks
    Davesnave
    • #9
    • 13th Aug 18, 8:51 AM
    • #9
    • 13th Aug 18, 8:51 AM
    If it's a real project house, don't do too much. Fresh emulsion paint, fine, and anything seriously injurious to the fabric of the building likewise, if it can be done cheaply.

    If installing a bath, it could be a secondhand white one from eBay for all most purchasers will care. They will have their own ideas about fittings and probably rip out whatever you install anyway.

    My DD bought a do-er upper, but needed the bright yellow bathroom fittings intact to get a mortgage. Within a few hours of taking possession, all but the loo was gone, and it too followed within a month or so.
    "We won't get fooled again...."
    • Waterlily24
    • By Waterlily24 13th Aug 18, 10:56 AM
    • 1,080 Posts
    • 604 Thanks
    Waterlily24
    We bought a house that was unmortgageable a long time ago. It had a proper working bathroom and kitchen although very old. It had a brand new roof but the ceilings were falling down and there were floorboards missing upstairs. It was in a state but things do differ a bit in relation to unmortgageable.
    • sal_III
    • By sal_III 13th Aug 18, 12:06 PM
    • 670 Posts
    • 679 Thanks
    sal_III
    You really need to decide what your target buyers are. By the sound of it it's not really habitable, so even if you make it mortgageable you are only slightly expanding your pool of buyers from cash investors/refurbishers to include those that need mortgage. You are still missing on a vast majority of the market which is people looking for home.

    If you have the funds, it's best to bring it to a habitable state with minimal investment to make it attractive for people "punching above their weight" happy with a habitable fixer-upper, which will pay more than the investors/refurbishers
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

441Posts Today

3,007Users online

Martin's Twitter