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5 replies

LadyArtLove13 · 16/03/2020 17:34

Anyone else or know someone who has been in a situation where you're selling your (70s) modern home and are buying an older 1800 cottage and turns out bank won't lend on it because without officially even seen the property they are worried of asbestos and structural risks? Really feel like this is rediculous and unfair! The property is a residential property and owner has lived there for a long time without issues! We even want to do the property up but think it's a bad idea for us to do before we even own the property as this is what the lender has suggested we do but we want to ideally start work on the house once we actually own it so we don't end up spending thousands of money and for whatever reason still won't be able to get a mortgage!? Would going to a different lender be a better option? Please help!Sad

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Sicario · 17/03/2020 08:16

Have you had a full structural survey carried out which should identify if there are any hazardous materials or other issues in the house?

LizzieMacQueen · 17/03/2020 08:34

Is there a working kitchen and bathroom? If not then the property is not habitable and so your mortgage company is (probably, I'm no expert) just following rules.

LadyArtLove13 · 17/03/2020 13:48

No structural survey has been done yet and they already said no to giving us a mortgage. Yes has working kitchen and bathroom, so very strange! How can lenders expect buyers to do work to a property they don't even officially own yet? Currently looking for another lender who can be more reasonable! Confused

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francienolan · 19/03/2020 21:49

Do you have a mortgage broker? Often they will know the requirements for each lender.

LadyArtLove13 · 19/03/2020 22:56

Yes we are speaking to someone atm who is looking into it and will advise us and guide us with the right lender, worst of all is our buyers buyer has now pulled out and we are feeling so stressed and drained with it all, feel like we are just back at square one. Some people are saying the coronavirus is effecting the house market and some are saying it's not, just don't want to lose the house we really want! Anyone else experienced a similar thing? Why is the whole process so uncertain!? Sad

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