Fellows...
In the process of buying another property for investment purposes, it being 'in need of modernisation' with 'lots of potential'.
Of course, BTL mortgages tend to have a 'must be habitable' clause, with no real definition of 'habitable'. The house could be lived in: it has a fully working kitchen and bathroom, it has electrics (no gas though) - it is just really really old fashioned and does need a new everything - it even has original bakelite light switches in places.
Does anyone have any experience of whether mortgage companies would decide this isn't habitable (Natwest in particular) or whether I will be sent down the route of a bridging loan first and then get a proper BTL mortgage when it is actually ready to let out?
In the process of buying another property for investment purposes, it being 'in need of modernisation' with 'lots of potential'.
Of course, BTL mortgages tend to have a 'must be habitable' clause, with no real definition of 'habitable'. The house could be lived in: it has a fully working kitchen and bathroom, it has electrics (no gas though) - it is just really really old fashioned and does need a new everything - it even has original bakelite light switches in places.
Does anyone have any experience of whether mortgage companies would decide this isn't habitable (Natwest in particular) or whether I will be sent down the route of a bridging loan first and then get a proper BTL mortgage when it is actually ready to let out?
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