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Where can I get a mortgage on a house with a damp kitchen?
I am looking to find out who to approach for a mortgage. I know that the last person who tied to buy this house pulled out because the survey identified damp issues with the kitchen, Don't know why they went that far as the damp is pretty obvious. The kitchen is in a wooden extension which is rotten and needs removing. Price wise I am comfortable that we are getting a good deal even though we will need to pull the kitchen extension down and rebuild it. The rebuild will cost apx 20k and the house is up for 139. The identical house over the road is up for 199 and I can do a lot myself as well. I can find the 20k to do the rebuild within the first 6 months of purchase. What I don't know is who is likely to lend on this basis, any ideas?
2 Answers
- Steve BLv 71 decade agoFavorite Answer
Most Mortgage providers will lend you on any broken down old shack but ONLY to it's 'market value' .. so if it's priced 60k lower than the rest of the neighborhood, the kitchen has already been factored into the price.
Even so, don't expect to borrow more than 60% of the valuation ...let's call it 140k .. you can expect to borrow about 84k and will have to find the rest (56k) yourself ..
- Linda RLv 71 decade ago
If you are going to pay cash - then it won't matter. If you are going to get a loan, to buy it, and water damage shows up on the inspection report - then the lender will NOT give you the money.
