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Property/DIY

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Mortgaging a house without radiators

28 replies

Plantyperson · 22/04/2022 15:58

Hi

My fiancé and I have been on the property hunt as first time buyers for the past 2 years now.. with two sales falling through because of survey results and bank refusing to lend full amount and sellers not willing to budge in the slightest.

In last years property market we’d never consider a house that needs renovations bigger than painting over some walls and changing the carpets but we’re finding the houses we like drifting further from our financial capabilities week by week now!

So we’re viewing a property tomorrow that’s come up and it has lots of potential and is cheap and wouldn’t max us out on a mortgage ..: But whilst going through the photos I realised that there’s no radiators in any of the shots, which would explain the somewhat cheap price point.

Question is should we not bother with it as I honestly don’t know if banks won’t mortgage that kind of property? ( I’ve called up our advisor but he doesn’t know either) There’s an electric fire downstairs and working bathrooms so must be some kind of system in place for hot water - just no radiators from the looks of it.

The plan would be to use our savings to put in heating and then after a while take out a small loan to finance other less urgent renovations as we won’t be near our max on borrowing with the mortgage, I’m not sure, having a lot of first time buyer doubts and feeling given up/scared atm!

Any recent advice on remortgaging run down properties would be super helpful thanks! 🤗

OP posts:
Helenahandkart · 22/04/2022 19:48

We bought our house with no central heating. It wasn’t an issue at all with the mortgage company. It cost about £6k to install it 5 years ago.
Things are changing a lot with energy supplies so gas central heating may not be the best option these days anyway given that gas is being switched off in the near-ish future.

FinallyHere · 22/04/2022 20:41

Mortgage providers only really care whether there is sufficient equity in the house to cover the sum provided.

Have a look at the cost of rebuilding (eg for your building insurance) v the market price you will pay for the house to see the difference.

usama6383 · 16/12/2023 20:16

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