How easy is it to get a mortgage on a stone built cottage? I've heard stories of huge deposits, retainers and even being told the property is unmortgageable. Apparently the lack of foundations can be a problem even though it's stood for 200 years.
Any experiences?
Currently any mortgage relies on a minimum of 10% deposit, and nearer 20% to get any where near a decent rate...
Either way you'll need a full survey on something that old.
I'm aware of thatcand have about 50% to play with so no problem there. And all motgages usually require a survey.
[i]And all motgages usually require a survey.
[/i]
There are 'surveys' and there are 'surveys', and anywhere upto a £1k between them.
Should be no problem - I have a 300-400 yr old cottage - no foundations, built with rubble stone (about 3 foot thick) with a standard mortgage from the Skipton BS. I don't remember any queries about the building standard - it is listed correctly as stone build with a slate roof. Also not been a problem with buildings insurance (again standard cover with M&S).
Get a full structural survey (I think this was a requirement of the mortgage). Check for any indication of subsidence, damp etc, but generally accept that you a re buying a very old house - this means that (a) it's stood for this long and its unlikely to fall down, (b) all old houses come with 'issues' - they weren't built to meet today's living standards and you have to be prepared to accomodate that.
Not an issue - someone is feeding you bullshine.
If you have 50% then the lenders should be bowing and scraping to you
That's slightly more comforting. I found it hard to believe that so many of the local properties around here would be unmortgageable. Happy to hear anybody elses experiences too.