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Unmortgageable dream!

(6 Posts)
20poppy14 Tue 07-Jul-15 08:43:34

Morning! Would be really grateful for some thoughts on the following. Have found lovely house to renovate and turn into our forever home. Added bonus is that it comes with a small property next door which we would renovate to rent out as badly need some income when we retire (current pensions are rubbish sadly). We've renovated the house we've brought up our family in so understand the lows and highs of all of that. The estate agent says that both properties are uninhabitable and Unmortgageable. We don't agree with this and would happily live in either.....lx renewed in last 10 years, nothing leaks, working bathrooms, bit of damp. He says there is no kitchen. There is a (naff but sound) extension on the back providing each house with a bathroom and a kitchen. The kitchens are both fitted (again naff but serviceable) with sinks, hot and cold and slots and connections for cookers - tho there are none in place which might be the problem??? The bathrooms are serviceable. Does anyone know what constitutes a kitchen for mortgage purposes? Right at the beginning of all this, so need to find out what the implications are of buying one lot that consists of 2 properties for mortgages, pension pots, taxes etc....and need to get on with it as scared someone else will grab them first! Appointment with broker tomorrow....anyone got any pointers? Thanks x

hereandtherex Tue 07-Jul-15 09:30:31

Unmorgable means that. The EA is problem being honest - for once.
Did you ask why it is unmortgageable? Normally that points to structural problems or build issues.

You can buy the house is you are a cash buyer.
Forget it if you need a mortgage.

mandy214 Tue 07-Jul-15 09:40:57

It might not be the kitchens or bathrooms. It might be structural defects, non-standard construction, defective title / lease etc - there are a whole host of reasons why it might be unmortgageable.

There are ways around it - cash buyers usually or using bridging finance - but certainly the latter is very risky (and expensive) if you take out a bridging loan with the intention of getting a mortgage in due course - you would have to be absolutely certain that you could overcome the issues which make it unmortgageable.

20poppy14 Tue 07-Jul-15 16:54:32

Thanks so much for taking the time to reply. The reason I was given was that it has no kitchen (s) or carpets. Apart from the fact that there are no cookers (tho there are slots in the kitchen and connections for these) there really are kitchens. There are no carpets downstairs (tho quarry stone tiles or floorboards) but there are in some rooms upstairs. I will check again.....;)

Gobbolinothewitchscat Tue 07-Jul-15 16:56:47

It can't be anything to do with carpets. I used to live in a Victorian semi with all stripped floors and we had a mortgage no problem confused

I would call some mortgage brokers/bank mortgage advisors and get some advice

20poppy14 Tue 07-Jul-15 17:36:01

Thanks Gobbolino.....Have just got off the phone with the estate agent who said he "might have been a bit hasty with his blanket comment about it being unmortageable" and that the kitchens are in fact perfectly ok. Although it's currently 2 houses the seller is applying for the property which is apparently unregistered at the moment, to be in one title and so therefore one property. I've also just spoken to a broker who says that the problem in getting a mortgage would be if there is one property that has 2 kitchens. (Estate agent didn't mention this, but I'm not surprised as found this out last Night while I was doing some research!) Otherwise it would be probably possible to get some kind of mortgage. 2 kitchen scares mortgage companies becaus it could flag up concerns about HMOs being run unlawfully. 2 people have already made offers (we have a second viewing tomorrow) one at asking price and one above (tho the second lot, like us have just gone on the market). Sadly, with my realistic hat on, we can't compete with cash buyers.........worth going along tomorrow on though and thinking around the problem a bit before we give up, as we'd need a minuscule mortgage to buy so could possibly raise that separately, rip out a kitchen and then get a decent mortgage with which to do it up........will go and have a think over a cup of tea which is desperately needed after a bugger of a day at work.

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