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Mortgage

herbalplants · 2023-07-24 20:35:01

Question for a friend: If bidding on a house that needs the roof changed, also has raising damp in the back room which has been painted over , would a bank approve the loan on a house like this? Please note that the description of the house doesn't mention these problems, the house has blitzed with expensive interior yet…

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24-07-2023 9:35pm

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herbalplants

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Question for a friend:
If bidding on a house that needs the roof changed, also has raising damp in the back room which has been painted over , would a bank approve the loan on a house like this?
Please note that the description of the house doesn't mention these problems, the house has blitzed with expensive interior yet hiding the problems which have been spotted at the viewing.
How would a bank view when peeps get to draw down the mortgage? Would they object handing the loan?

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#2 25-07-2023 5:57pm
doughef

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I’d imagine this will come up in the survey and the banks will draw their own conclusion?
the bank will also survey it but at a much less intrusive level.
either way, I’d imagine it will have to be disclosed and they may object depending on how much work needs to be done., although each case is different

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