22 November 2019
There are a variety of scenarios that might cause a property to be deemed un-mortgageable, however the following rules are common:
- It must have a functional bathroom and kitchen.
- It must be wind and water tight
- It must not be overcome by wet or dry rot.
- Not close to mining works, areas of landfill, areas of recent flooding or subsidence.
- If leasehold, have at least 50 years left on the lease.
- Have necessary planning and building regulations in place.
- Be of a standard construction, ie brick or stone, slate or tile.
- Be occupied by a protected or vulnerable tenant.
- Under £40,000 in value.