Sell Your Unmortgageable House Fast: Top Tips

Beige Concrete House Under Cumulus Cloud

If you’re looking to sell your home, financing is one of the first things many potential buyers may ask you about. Will a lender offer a mortgage on the property? There’s a good reason for this. There are many unmortgageable properties throughout the UK. What makes a property mortgageable, though, and how do you sell a home fast and unmortgage your own life even if potential lenders won’t offer new buyers a loan on your home? This quick guide can help sort things out for you.

What Makes a Property Unmortgageable?

An unmortgageable property is one where the lender sees red flags thanks to the survey process. Often the properties have structural issues, dampness, or even invasive plant problems like Japanese Knotweed. Many lenders are looking for properties that will prove good investments should the buyer default on a loan, and those properties with problems may end up costing them quite a bit to fix in the long run, so the lender may choose not to take the risk.

How Do You Sell an Unmortgageable Property?

If you own a property like this, whatever its problems, it is still more than possible to sell it. There are a few good ways to sell a property like this one. First, you could advertise it as an as-is sale. In those cases, people typically know that there may be some property problems they’ll have to address if they buy your home. Second, you could consider repairing the problems that make your home so unattractive to lenders. Just because a potential buyer can’t get a mortgage on it now doesn’t mean that lenders won’t ever offer them the money they need. With a bit of love and care, you could turn the property into something amazing. Finally, you may want to consider dropping your asking price a bit. That can help make it more attractive to buyers who don’t need a mortgage.

Where To Sell an Unmortgageable Property

If you’re looking to sell your home fast, there are two good sales options to consider.

  1. Look for Cash Buyers: Unmortgageable properties tend to be great deals for cash buyers because they can work with the seller to get a solid price. They can then take the savings from the purchase price and invest it in renovating the home so they can later sell it for a higher amount. While a cash buyer may offer you less than you initially expected, it can often mean a simple sale that will close far faster than you expected. What’s more, though, is that you won’t have to wait on the decision of a lending institution to close on the sale. Instead, you can just work through your conveyancing solicitors and move forward.
  2. Consider an Auction: Auction houses routinely offer unmortgageable properties for sale, and cash buyers tend to look to auction houses to find some of these great deals. Many auction buyers are either looking for homes on great lots so they can create something new or looking for homes to renovate for themselves or tenants. As a result, a property auction is a good way to get your unmortgageable home sold fast.

If you have an unmortgageable property for sale, we can help. Whether a lender might issue a judgement like “Mortgage Declined – Ground Rent,” there’s a creeping freehold, or there are some other issues with your property, we can help. Contact us today to learn more.

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