How much are you planning to purchase the property for, and how much will it be worth when the improvements are complete?

Have you considered a home improvement mortgage? You could secure a mortgage upto 95% of the current property value. The company will then determine what improvements are needed, and how much they will cost. They will then release 95% of the money needed to do the improvements as each stage until the property is completely finished. This can be expensive to do but will allow you to secure a property where you maybe wouldn't be able to get a conventional mortgage on. Try checking out the site below:

http://www.buildstore.co.uk/finance/home-improvement-buying-house.html

The only other thing i could suggest would be to get a mortgage with just a 10% deposit, and hope the remaining amount you were going to put down is enough to cover any retention held by the lender.

Michael

The kitchen has been ripped out as have the bathrooms. all light switches and plug sockets and light fittings have been removed!

I am guessing that it is not " mortgagable" because a valuer would state that in it's current condition it is not possible to effect a quick sale.

What the valuer may do is stipulate work that needs to be carried out on the property to make it mortgagaeble, and he may suggest a retention until the work has been carried out to a satisfactory standard.

This means that if, for instance, he stated that the property needed a new kitchen and bathroom, and he considered this to be worth £10,000, he would put a retention of £10,000 on the property. The mortgage company would agree to lend you the funds, less the £10,000 until the work had been carried out. Effectively, you would then need to find the additrional £10,000 to buy the property, plus the funds to improve the property as stated, before the lender would release all the funds.

This all depends how bad the property is through!

Hope that helps

What exactly is wrong with the property. Do you know what needs done to it?

Michael

my partner and I have fallen in love with a property, the only snag is it is a repo and has been totally trashed, the estate agents has told us it is currently unavailable for mortgage purposes due to this. Is there any thing we can do? we would need less than a 70% mortgage on it. but we love it so much! typical i guess we want what we can't have! any ideas would be great? thanks