Would you buy this?

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JanieB
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Would you buy this?

Post by JanieB » Fri 11th Sep, 2020 5:46 pm

My daughter fell in love with this house and bought it STC . She and her OH had 92% of the purchase price without a mortgage. They needed to raise the other £90,000. They both have have high earning jobs. They have been turned down for a mortgage because the house in a industrial estate. No mortgage companies will touch it. Any ideas how they can get through this.
https://www.rightmove.co.uk/property-fo ... 59019.html

By the way, I've worked in it when it was an office building. It's a lovely house.

Feltwell
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Location: Shropshire, England

Re: Would you buy this?

Post by Feltwell » Fri 11th Sep, 2020 7:49 pm

If they earn that much and can afford £920k, can they not get £90k as a personal loan rather than a mortgage?

Lovely house and a nice area beyond the industrial estate, but of course the same problem will exist if they ever try to sell.

Not quite as bad as a house I once went to view - looked lovely and a good price - what the estate agent's photos didn't show was the HGV testing station to one side, Army firing range at the end of the garden and pig sheds to the other side! :lol:

a twig
Posts: 607
Joined: Sun 6th Oct, 2013 10:18 pm

Re: Would you buy this?

Post by a twig » Fri 11th Sep, 2020 9:02 pm

There are a lot of finance options in such a situation, not really sure what the point of the post is sorry...

TheForge
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Location: Somerset

Re: Would you buy this?

Post by TheForge » Fri 11th Sep, 2020 10:41 pm

The easiest option given that any other prospective buyers will encounter the same problem would be to revise their offer to £920k.

Feltwell
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Location: Shropshire, England

Re: Would you buy this?

Post by Feltwell » Sat 12th Sep, 2020 8:51 am

More than fair point - after all, cash buyers for a £1m property won't exactly be plentiful, and those that do have a spare £1m laying about are unlikely to want the location. My concern would still be selling it on in the future, lovely house though it is.

Bogart
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Location: Norfolk

Re: Would you buy this?

Post by Bogart » Sun 13th Sep, 2020 7:08 pm

Feltwell wrote:
Fri 11th Sep, 2020 7:49 pm
If they earn that much and can afford £920k, can they not get £90k as a personal loan rather than a mortgage?

Lovely house and a nice area beyond the industrial estate, but of course the same problem will exist if they ever try to sell.

Not quite as bad as a house I once went to view - looked lovely and a good price - what the estate agent's photos didn't show was the HGV testing station to one side, Army firing range at the end of the garden and pig sheds to the other side! :lol:
No wonder was a good price

malcolm
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Joined: Wed 18th Sep, 2013 6:21 pm
Location: Bedford UK

Re: Would you buy this?

Post by malcolm » Sun 13th Sep, 2020 8:09 pm

I bought my house for next to nothing because it was impossible to mortgage at the time. It cost 200k and should sell for 800k.

If the mortgage people are messing about then the market value will be as a commercial building less the rather high cost of converting it to commercial to satisfy building regs.

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