Remortgage while renovating

[Van34]

We have been renovating for coming up to 4 years now. When our last mortgage deal came to an end the house was in a state... No floors. No plaster. No nothing! We were (and still are) living in a caravan in the garden. Hoped we would be in by the time we needed to remortgage but its getting close now so had to start the process 🙄

This time we are in a better position, kitchen is fitted, bathrooms are pretty much done, stairs are getting fitted next week so just the final work to do on the plumbing to get the water and heating working and finishing touches really. Looking to move in at the end of October.

My problem is, the bank want a valuation!! Technically, the house is not habitable as there is no running water and the heating doesn't currently work (the ufh downstairs does). And, it clearly isn't being lived in as there is a massive static in the garden. But, we have put our heart and souls into this thing and its worlds apart from the hovel we first bought.

Will the ongoing work, and the fact we don't live in it, cause us issues with the mortgage (due to start Jan 2023). Has anyone been through this?

If it's a world apart from the house you originally bought why can't you just get an estate agent t round to value it now you've almost finished the work?

We couldn’t get a mortgage without a kitchen and bathroom but seemed like the bar for what counted as those was very low and I don’t think they checked the heating. Can you get the water sorted before the valuation?

Heating isn't required. You should be ok but they may want to see that the water is on if you aren't living there. Is that feasible by the time the valuation happens?

You need running water, a toilet, water tight and a kitchen which can just consist of a couple of units with a sink and tap.

I appreciate the stress of it, going through it myself!

The valuer might just put a retention in it - saying that you need to provide proof that the water/heating has been connected

Ie they give a valuation and the process can start but before it can be finished you need to send through the proof and the valuer just looks at the papers and okays it