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START Mortgages/Engineer

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  • 02-11-2007 11:48am
    #1
    katy_00
    Registered Users Posts: 33 ✭


    Does anyone know if Start Mortgages require an engineers report if you're purchasing an old property.

    We're getting a mortgage from START (because we're self certifying our income), who is a sub prime lender, but the property we're buying is very old..a shell really. My partner is in the construction business and knows what we're taking on.
    We have the money to pump into it to renovate as we're selling our existng house so all we're looking for from START is the finance to purchase it.

    We've had it valued and the valuer says START won't give us the money without an engineers report yet our Financial Advisor tells us it's up to the valuer whether or not we submit an engineers report....

    we're trying to avoid the cost of an engineers report..


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    #2
    Patrickof
    Registered Users Posts: 669 ✭✭✭Patrickof


    It depends, on some valuation forms the valuer is indeed asked whether a specialists report is or isn't necessary. If the valuer is wary of something then they generally will require one just to cover themselves.

    In certain cases, for example if the house is over 100 years old, then the lending institution will automatically ask for a specialists report.

    You could ask the valuer why they felt a specialists report was necessary? Though that doesn't mean they'll change their mind.


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    #3
    Slydice
    Registered Users Posts: 10,501 ✭✭✭✭Slydice


    I'd ask this question over on http://www.thepropertypin.com/ if I was you.

    They seem to post a lot about Start Mortgages.


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    #4
    Victor
    Registered Users Posts: 78,400 ✭✭✭✭Victor


    katy_00 wrote: »
    Does anyone know if Start Mortgages require an engineers report if you're purchasing an old property.
    Ask them.
    We've had it valued and the valuer says START won't give us the money without an engineers report yet our Financial Advisor tells us it's up to the valuer whether or not we submit an engineers report....
    Isn't this self explanatory? The Financial Advisor is telling you do what the valuer says, the valuer is saying you need the report.
    We're getting a mortgage from START (because we're self certifying our income),
    Why not get your accountant to certify the income? Why not get a business loan / mortgage for the renovation phase? If you have (substantial?) equity, why not go with a conventional lender - it will cost less.
    we're trying to avoid the cost of an engineers report..
    For the sake of a few hundred euros? Sounds mad. Why not do a deal with an engineer to do the whole job?

    I'm not suggesting you want to be dishonest, but it sounds like you want to skimp on the truth with Start.


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