Lender has refused mortgage as a result of survey - what options do we have?

[BelfastSmile]

DH and I are trying to buy a house. Applied for a mortgage, all went fine until the survey came back. Basically it says that the house needs a new roof, and without that, the bank are not prepared to lend at all. There are no other major issues on the survey results.

I asked about whether a reduced asking price would allow us to buy it, and about getting a retention, but they've said no. So, essentially, they are saying there's no way they'll give us a mortgage unless the vendor replaces the roof first.

We're trying to get in touch with the vendor (via the estate agent), but if he refuses to fix the roof (eg if he can't afford it, doesn't want to do it etc), do we have any other options? I'd like to be armed with solutions for when we do start the conversation!

Would another mortgage company be likely to say the same thing? This was Barclays, but they use the same surveyors as the other big banks as far as I know.

@Nomorescreentime

I’ve just applied for a mortgage with Santander and they haven’t even come out and looked at the house I’m buying, they did a computer based valuation. Also different lenders will have different lending rules. I would talk to a good broker and see if they have any ideas for you. Although bear in mind that even if you get a mortgage, you will then need to fix the roof, so a price reduction may be an idea...

This is useful to know. We do have the money to fix the roof, but we can't do it until we own the house! So we're stuck in a Catch-22!

@PinkDaff

Hi OP I'm currently in a similar position and it's horrendous ! Could you please tell me if you had the full structural survey of just the home buyers survey that came back with these results?

I don't know, sorry! We're applying for a mortgage with Barclays, and they arranged the survey.

@mintbiscuit

OP out of interest is the roof damaged or just old? (Sorry if that sounds like a silly question!)

It's damaged, I think. And also old, but I don't think that's intrinsically an issue.

I had this issue with my last property. The first mortgage company (think it was Halifax) refused after survey for reasons including the roof (which I already knew about and the property was priced accordingly) and the fact the property was on a main road. Got a mortgage with Santander with no mention of either!

@BelfastSmile

How it worked for us was that we changed the contract to reflect the higher price. I out the new roof on. Then they had their lender out to reassess. Obviously the roof was brand new so no longer am issue and they loaned the amount we agreed upon

Does your survey say the house needs a new roof or that he could probably do with a new roof because it would be cheaper in the long run? We had that with this house; a suggestion to get a new roof. It did not need a new roof it just needed tiles replacing and a bit of TLC (it wasn't leaking). Surveys are very cautious which is good but sometimes a bit much. However, if it says it needs a new roof and your vendor will not reduce the price significantly or replace the roof you will have to walk away. Have you explained that the roof means you will have to withdraw from the sale and he will only get the same problem next time? (unless he gets a magical cash buyer). I know it is hugely disappointing.