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can you get mortgage for house with no kitchen?

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I am looking to buy a house but it has no kitchen.....the room is there but there are no worktops, units, sink...only exposed plumbing n pipework for gas cooker. My dad says i wont get a residential … Read More
ran123ran Avatar
1m, 2w agoPosted 1 month, 2 weeks ago
I am looking to buy a house but it has no kitchen.....the room is there but there are no worktops, units, sink...only exposed plumbing n pipework for gas cooker. My dad says i wont get a residential mortgage for it as its classed as unhabitable.....can anyone confirm?
I am willing to get a more expensive type mortgage such as a btl if that enables me to buy it?
Its in a great location for kids school and work...really dont want to miss out....if someone could please recommend a lendor that lends for this or what type of mortgage would be suitable.
Thanks

And also has no heating as boiler been ripped out....
ran123ran Avatar
1m, 2w agoPosted 1 month, 2 weeks ago
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#1
Could you get the owner to put in a basic kitchen and add it to the cost of the house?
#2
No.... if you do, the mortgage company will insist on one being put in sharpish
#3
Yes but it will be stipulated that the kitchen is installed in a certain timeframe and they will check. But not all Mortgage companies will allow this, you'll have to phone around
#4
kwh
Could you get the owner to put in a basic kitchen and add it to the cost of the house?
Its a reposession so house is sold as seen.
#5
hi there, for a mortgage to be put on it it needs to be classed as habitable. that means it needs a kitchen, bathroom, running water and heating. otherwise they will value it as £0 potentially until the work is done. you might find a company that will offer part retention with the rest being released upon installation of a kitchen but that means funding some of the purchase and the kitchen yourselves. not sure high street banks do this now. it's the same for residential and btls.
#6
Does a sink make a kitchen? my house only had a sink and a cupboard. no plumbing for a washer anywhere! I also had lots of stuff they didn't notice on the survey including woodworm!
#7
You will probably need to use a different type of loan to raise funds like applying to funding circles or a similar type company, you will probably have to put down a decent chunk of cash yourself like 20% of valuation. Once you've raised funds and purchased the property, you can install kitchen etc and then apply/ get a mortgage to pay off the short term loan/ loans you have took out to raise funds
#8
markozzy
You will probably need to use a different type of loan to raise funds like applying to funding circles or a similar type company, you will probably have to put down a decent chunk of cash yourself like 20% of valuation. Once you've raised funds and purchased the property, you can install kitchen etc and then apply/ get a mortgage to pay off the short term loan/ loans you have took out to raise funds
Are these unsecured loans and are they expensive?
#9
ran123ran

I am looking to buy a house but it has no kitchen.....the room is there but there are no worktops, units, sink...only exposed plumbing n pipework for gas cooker. My dad says i wont get a residential mortgage for it as its classed as unhabitable.....can anyone confirm?
I am willing to get a more expensive type mortgage such as a btl if that enables me to buy it?
Its in a great location for kids school and work...really dont want to miss out....if someone could please recommend a lendor that lends for this or what type of mortgage would be suitable.
Thanks
And also has no heating as boiler been ripped out....

Ask on MSE here http://forums.moneysavingexpert.com/forumdisplay.php?f=15

There are some very good brokers giving free advice and not touting for business there, you will get proper advice. You almost certainly will need to speak to a good independent broker who is local to you as well. However i suspect you are way out of your depth here and your chances of finding a solution are limited unless you have some deep pockets. Properties like the one you want are typically bought without mortgage, done up and either sold or rented out after being remortgaged to release capital again.

For clarity do not try and apply for a mortgage yourself with this property you absolutely need an experienced broker to help you navigate a minefield. I will also add i am not a broker myself.

Edited By: nomorezen on May 05, 2017 12:11
#10
Dawsy
Does a sink make a kitchen? my house only had a sink and a cupboard. no plumbing for a washer anywhere! I also had lots of stuff they didn't notice on the survey including woodworm!
Out of curiosity how big is a woodworm problem and was it expensive to sort out?
#11
Hi, mainstream lenders wont lend where the property has no recognised kitchen,bathroom or services. Forgot btl, same rules apply and you would immediately be in breach of your conditions. You could look at bridging but will need at least a 20% deposit. It may appear a bargain but with all the work you describe and hassle of buying a repo is it really worth it?
#12
buildstore offer self build/ renovation finance products, these could be switched to a standard mortgage in a couple of years
#13
That house is for sale at 50k less than identical house next door. My dad thinks 15 to 20k needs spending on house. So the numbers make sense but putting it all in motion is proving difficult right from the start.

Perhaps thats why its heavily discounted.....

Edited By: ran123ran on May 05, 2017 12:38
#14
It just needs a sink not a full kitchen.
#15
caroline777upnorth
It just needs a sink not a full kitchen.
It doesnt even have a sink....just a shell of a room
#16
ran123ran
markozzy
You will probably need to use a different type of loan to raise funds like applying to funding circles or a similar type company, you will probably have to put down a decent chunk of cash yourself like 20% of valuation. Once you've raised funds and purchased the property, you can install kitchen etc and then apply/ get a mortgage to pay off the short term loan/ loans you have took out to raise funds
Are these unsecured loans and are they expensive?


Yes you will have to secure the loan against the property but that's standard, no one except your family if you're extremely fortunate would lend someone forty grand without any security. Fees can be quite high but if there's an opportunity to increase the value of the property by more than all your costs then it's a means to an end goal. Get researching and get in touch with independent finance brokers etc. Remember your end goal is to buy the property, refurb it as cheap as possible and as quick as possible so to then get a mortgage on it to pay back the short term loans and hopefully you've got a bit of equity at the end... Then you do it all again and again. I've done similar but fortunately I didn't need to borrow as I used profits from my business at the time. Good luck, don't let fear of the unknown put you off but make sure you check every term and condition of finance agreements and understand the fees and get out early costs etc..
#17
I had one exactly the same, I found out who had repossessed and as they were selling under power of sale they agreed to lend the funds with a personal covenant that a kitchen would be fitted with 3 months, this was contained as an additional clause within both the transfer and the registered charge.

hope it helps !
#18
ran123ran
Dawsy
Does a sink make a kitchen? my house only had a sink and a cupboard. no plumbing for a washer anywhere! I also had lots of stuff they didn't notice on the survey including woodworm!
Out of curiosity how big is a woodworm problem and was it expensive to sort out?


I have a cellar and the roof was totally rotten due to damp anyway. so that needed replacing. only one bedroom was really bad so I treated all the joists with woodworm treatment think that was about £40 for two 5L tins and then a joiner to remove old floorboards and replace with chipboard.
#19
Why not see if a family member or friend can raise the money on their property then put a kitchen in it and get a mortgage.
#20
Just ask the seller to put a sink into what was/is the kitchen.
Hell if your serious about it find someone throwing away or selling a 2nd hand one cheaply and offer to put it in yourself
#21
joedastudd
Just ask the seller to put a sink into what was/is the kitchen.
Hell if your serious about it find someone throwing away or selling a 2nd hand one cheaply and offer to put it in yourself

It's a repossession the bank won't put a kitchen in.

Speak to the bank and they will be able to offer advice, depending on the valuation method they may not even go in thev property.
#22
So silly that the lenders won't lend. As long as there is water and electricity supply to the property then it is not that expensive or difficult to put a kitchen in!

You could look at bridging loans, which people raise to buy auctioned properties. The rates on them are high though.
#23
Speak to the bank and they will be able to offer advice, depending on the valuation method they may not even go in thev property.[/quote]


I have spoke to all main lenders and they all said the same thing....the house is not classed as habitable as it has no kitchen....and some said not having heating an issue for them too so they wont lend.


Edited By: ran123ran on May 06, 2017 10:09
#24
harams
Why not see if a family member or friend can raise the money on their property then put a kitchen in it and get a mortgage.
Although my parents have equity they are retired and on low income so wong meet the strict lending criteria that lenders now have. My parents can barely meet their own expenses as my sister and i help out with their energy bills. Other family members just wont be willing to lend that kind of money.

Edited By: ran123ran on May 06, 2017 10:16
#25
break in - fit a sink!

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