To wonder why it is so difficult to borrow money to buy a house

There's no bloody mortgage to pay off. Doesn't anyone read? It's a cash sale

Ok but the bridging loan comment is fair because the OP wanted to get a small mortgage of £25k to buy the property but couldn't due to the condition of it, and bridging is how you get round it. It is literally for unmortgageable properties. I don't know why there were then a load of laughing smileys and THERE IS NO MORTGAGE comments in reply. And yes, it is expensive.

I don't know whether I should be laughing at this thread or not but I can't help it. The thread is deep into mortgages, remortgages, affordability checks, bridging loans and money laundering checks for what is apparently a no-mortgage house purchase.

Did we not all learn to read from simple books like Janet and John at the age of five or six? Some people appear not to have got that far yet.

You would get it and get the house to a mortgagable position and then mortgage to pay off the bridging loan - it is a vehicle to enable you to do that.

Reading comprehension clearly not a strong point? She can't afford the purchase. 😂 A bridging loan is how she affords it! It's different to a mortgage.

Suspect OP is now unconscious from repeatedly banging her head on her keyboard so may not be back..

Shes trying to buy the house, she cant just rock up to someones house and plonk a kitchen in

Anyway many properties are not mortgagable for other reasons, non standard construction, flying freeholds, subsidences, considered 'uninhabitable'. Any number of reasons

OP why exactly is it not mortgageable? If it's a lack of kitchen/bathroom then I'd get one from Facebook marketplace (they're sometimes even free if you dismantle and collect). It doesn't need to be pretty or properly installed, just enough to tick the box. We recently bought a wreck, and the mortgage company's valuation consisted of a bloke having a quick look in each room to check the listing pictures were still current, he was there less than ten minutes!

Last year my partner thought he wanted to buy another van so he took out a loan for 10k so he had the money when the right one came up.

He did look for a while, but some land that we wanted to buy needed paying for and so that savings pot got completely emptied.

The van loan is nearly paid off now, and he still doesn’t have a second van.

😜

I would imagine she’s already tried that or else she wouldn’t be in this situation 😂

Unless I’ve missed it somewhere in this chat- why doesn’t the OP just offer 200k as a cash buyer (presumably in a position to exchange straightaway) on the property. It would probably only be another developer who could reach 225k in cash, so why not just present a case why they (whoever is selling) should sell to OP for 200K or 205/10. For a property to be un-mortgageable it has to be in a pretty bad state, so presumably OP already has budget to kick start the project- could borrow from that for any small amount over the 200k?

Think I’ve got it
OP has 200k to put down the house must be deemed un mortgageable this normally happens when it’s seen as uninhabitable as in no kitchen or bathroom

got totally sent down a rabbit home with OP when I bought a house they put a retention on the mortgage and wouldn’t realise the full amount till the repairs had been carried out

why exactly is it deemed un mortgageable ?

This is amazing. I thought I found mortgages and things like that confusing. I feel like a genius after reading some of these responses 🤣

I really don’t understand the OP
so OP wants to buy a house but can’t get a mortgage because it needs renovations

so she want to borrow 25k to do work on a house that she obviously won’t own as she can’t get a mortgage

then once renovation done she will then be able to get a mortgage on it ( which she would need affordability check do the 25k loan would factor in on this )

disclaimer
I’ve always struggled with grammar and comprehension but back in the day you were put on the slow table and that was it
did consider going back to college but no need as there always some self righteous superior arsehole happy to correct you

🤣🤣🤣🤣

For the love of cheese.

For the mortgage
when you apply for a mortgage they want to know your outgoings to check you can afford repayments

Wow this is turning into a cancel the cheque thread. The loan won’t reduce a non existent mortgage.

OP get a loan for house renovations, that is what you are doing, renovating a house, there is no limit on how fast the money has to be spent on the renovations and over the term of the loan you will more than likely spend that amount.

Its great isnt it!

Theres another thread doing the same thing, about a MIL mithering someone to go to church, no one has bothered to read the OP properly

Plus the financial advisor joining at the end trying to flog everyone loans 🤣🤣

This thread is really making me giggle. The poor reading and comprehension skills of so many mumsnetters is quite something.

While the idea of borrowing money from a trusted relative and then having them provide you with a personal loan may seem like a quick solution, it’s important to be cautious with this approach. Lenders typically require full transparency about the source of funds, and structuring loans in a way that could be seen as misleading might raise red flags with financial institutions.

It’s best to explore options such as secured loans or renovation loans for your home purchase, which can provide the additional funds needed while staying compliant with financial regulations. If you’re interested, feel free to reach out — I can help you navigate through these options.

I understand the challenge, and it’s true that small loans or outstanding debts can impact mortgage offers. However, there are options like secured loans or personal loans that can be used to bridge the gap in situations like this. If you’d like more information or assistance in finding the right solution, feel free to reach out — I’d be happy to help you explore your financing options.

I understand your frustration, and I’d like to let you know that there are specialized loans for situations like yours, such as renovation loans or secured loans that can help cover the remaining amount for the property. These types of loans can be used for home improvement, even when buying a property that needs restoration.

If you’re interested, feel free to reach out — I can help you explore financing options to make your dream home a reality.

If you get a loan, they won't give you 200k in a mortgage, probably 160k or less.

We had a 4k loan when remortgaging last time and it dropped our offer by 20k. Had to ask my dad to temporarily pay it off for us and take a new loan once sale had gone through.

Affordability check for what?

Going back to the OP, I have taken personal loans out over the years, for a conservatory, double glazing, kitchen etc etc

All housey things.