Mortgage Matters

Having been successful against several other bidders, I was determined that my house purchase wouldn’t then flounder when mortgage lenders said they perceived it to be high-risk. The credit crunch, listed status, non-standard construction, outside toilets and my plan to put two cottages back into one house under a long lease all apparently counted against me.

Before I’d made the offer, my broker, Trevor Howard of MPI Services (www.mpiservices.co.uk), had confirmed that he should be able to arrange a mortgage on reasonable terms. Ultimately, though, only one lender was prepared to consider the proposition. “If this fails,” Trevor wrote, “I have nothing else to offer.”

Fortunately, Trevor and his colleagues more than earned their commission and I eventually received an offer of a renovation mortgage from Birmingham Midshires through BuildStore (www.buildstore.co.uk).

As well as providing financial services, BuildStore run the National Self Build & Renovation Centre in Swindon. I was invited along recently to give a talk on my project for visitors. You can attend courses there, view trade stands and demonstrations, and obtain advice and information from a range of specialists. I’d recommend a visit to anyone embarking on an old buildings project.

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