Antnkel Posted October 29, 2011 Report Share Posted October 29, 2011 Hi guys, seen a house that I might be interested and it has no kitchen and is a mess so I presume it will be classed as inhabitable. On that basis I was wondering if any one knew of any mortgage products that would cover this. Thanks. Anthony. EDIT meant uninhabitable !! Link to comment Share on other sites More sharing options...
Richlist Posted October 29, 2011 Report Share Posted October 29, 2011 You are unlikely to get a mortgage but you may get a commercial loan based on the land value. I'd suggest you talk with your local property auction house who will know/ have contacts for this type of finance. I guess you'd be wasting your time approaching the banks given their well publicised unwillingness to lend. Link to comment Share on other sites More sharing options...
Melboy Posted October 29, 2011 Report Share Posted October 29, 2011 The mortgage assesser will probably reject it and recommend back to the mortgage company not to lend on the property. It really does depend how bad it is but a kitchen replacement would not stop you from obtaining a mortgage. These type of properties usually go to cash buyers but if you are buying through an EA they usually push the purchase through as they have the ways and means of doing so especially if they have a mortgage adviser on the premises. Mel. Link to comment Share on other sites More sharing options...
Antnkel Posted October 30, 2011 Author Report Share Posted October 30, 2011 Well the condition looks pretty bad, think it was let out before and it's been trashed. Have only seen pics at the moment though, go to see it tomorrow. From what I can see the kitchen's been ripped out, the fire place has gone and the front window's been put through. Not seen the bathroom but expecting that to be trashed as well. When I was looking around last time, I was talking to the financial advisor and he meantioned about these type of mortgages. Link to comment Share on other sites More sharing options...
julieparnell Posted November 28, 2011 Report Share Posted November 28, 2011 I was reading your posts and as its about a month ago now, wondered how you got on. Did you sort out the mortgage/finance? Well the condition looks pretty bad, think it was let out before and it's been trashed. Have only seen pics at the moment though, go to see it tomorrow. From what I can see the kitchen's been ripped out, the fire place has gone and the front window's been put through. Not seen the bathroom but expecting that to be trashed as well. When I was looking around last time, I was talking to the financial advisor and he meantioned about these type of mortgages. Link to comment Share on other sites More sharing options...
Antnkel Posted November 29, 2011 Author Report Share Posted November 29, 2011 Didn't get get the finance as the valuation was under £50,000. I've not long since gone self employed that with the valuation and state of the flat meant I couldnt't do it. If it'd been a couple of months early would off been a lot easier as I'd off been employed. It was very frustrating as I'm now earning nearly double than what I was when employed!! Link to comment Share on other sites More sharing options...
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