Hi, I need a bit of help. I am looking to sell my current property and buy a cheaper property back in my home town. I can port the mortgage but the house I've found is an ex authority house, with the added complication of having a steel frame and roof (Steel house). I cant seem to find a lender that will do it. We're looking for 90% LTV on a self cert with/without accountants letter.
In message , Karl writes
I don't think you are going to find one. If you search for concrete construction and woolaway[sp?]/cornish construction, you should come across references to some government bill that declared them defective constructions. You might get away with it if a brick skin is put round them but even then I would be surprised if you could get above 75%. Its slightly easier (or rather less difficult) if its a bungalow as there is only the single storey to support.
The concern is that the steel bars inside the concrete rust and you cant tell until the give way.
Why buy it when you're going to have problems selling it ?
See these previous posts
Daytona
In message , Karl writes
When you come to sell, your buyer will have exactly the same problem - there must be a reason they wont lend. I wouldnt touch it with a bargepole, unless it is really cheap, (and you know that lenders will change their views on these kind of houses before you want to sell).
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