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A property valuation undertaken on behalf of a Mortgage Lender will generally point out any aspects that could be considered as being essential repairs.
Here we take a look at Essential Repairs and the effect they can have on the valuation of a property as well as how they might affect your mortgage application. We also provide details and information as to how we can assist with a Mortgage or Remortgage, even in the trickiest of circumstances!
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So, as we detailed above, Essential Repairs are identified as part of a valuation undertaken on behalf of the Mortgage lender. It should be remembered that a valuation undertaken on behalf of the mortgage lender is not a survey, and accordingly the depth that the valuer will inspect the property to is very limited. However, it will generally point out aspects that can be considered as being essential repairs, and how these may affect the property's valuation.
The effect on the value of the property will usually be indicated on the Basic Valuation Report, in summary terms only, and will be reflected in the valuations by the recommendation for a retention of mortgage funds, as well as in the property valuation.
The Home Buyer's Report will also give details of the recommended essential repairs, but in much more concise descriptive terms, detailing the necessary essential repairs and major defects, than the Basic Valuation will. The Home Buyers Report is a survey as well as a valuation, and a more comprehensive inspection will have been carried out.
The mortgage lender's underwriters will consider the comments made on the Basic Valuation or the Home Buyers Report, and will require that the Mortgage Offer contains a condition that part of the mortgage funds will be retained until the essential repairs have been carried out.
The funds will usually be released on receipt of the valuer's re-inspection of the property, confirming that the essential repairs have been undertaken, and that the property is now in good repair, and that the retention can be released.
In serious cases, where there are major defects, the valuer may suggest that although the property has a value, the essential repairs required are so serious, he may recommend a full retention. In other words, the valuer considers that in its present state, the property is not fit for mortgage purposes.
Remember, we're here to help! So if you are considering the possibility of purchasing a new home, or maybe remortgaging your existing home, and would like an idea as to whether we can help or not, then please do not hesitate to contact us!
We believe we have the approach, together with the skills and desire necessary to arrange mortgage funding - whatever your circumstances! We have specialist underwriters and professionally qualified mortgage advisors who will carefully assess your requirements, needs and circumstances as well as your aspirations, in a bid to provide appropriate advice and a solution tailor-made to fit you!
So, why not drop us a line today on FREEPHONE 08000 282 281, or enquire online at any time. We'd love to hear from you!
Well, hopefully we have managed to explain Essential Repairs and how they will effect a property valuation and mortgage application, as well as answer any other initial questions you may have had. Don't forget our website contains much more information, so why not pop the kettle on, and take ten minutes out to explore some of the options that may be available to you, and if you do feel our services can be of assistance to you then please do get in touch, you'll be glad you did!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
