Will having my extension underpinned stop my buyers getting a mortgage?
Posted on 12 February 2013 by c barton
My daughter is selling her house and has been told she needs her 2.4mtr by 2.5mtr extension underpinning at front and side. When she receives the buiding regs cert will the underpinning be mentioned as she is concerned that the buyers mortgage may not be granted.
Most lenders will work off of the mortgage valuers comments and what they recommend, so there is a chance that depending on exactly what is said, then the buyers mortgage may well be affected. It is likley that the more rigid the lenders criteria, the more likely they'll turn down the application.
It is important for the buyers or their broker to speak to the lender prior to applying to see what their initial view on the underpinning situation is. One of the lenders concerns with underpinning, is whether buildings insurance can still be maintained, as this is crucial to their decision to lend.
As long as the buyers use an experienced whole of market broker then I would be hopeful that they would be able to secure a mortgage on your daughter's property.
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