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Mortgage Repairs. Your mortgage lender may insist on certain repairs or renovations being carried out to the property as conditions of the mortgage advance.
Bear in mind your lender works on the basis it is also going to be the owner (until you pay off your debt) so it will tend to look at your intended purchase and want to make sure it's in a reasonable condition (so that it's not lending money against a property which is a hopeless wreck).
So, to guard against advancing a loan on a property which is a disaster, it may stipulate as a condition of the mortgage loan that certain essential repairs be undertaken prior to completion.
See also: Mortgage Centre and Mortgage comparison Service for the latest facts and figures.
Last Updated: January 2008 © Moneyextra.com
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