Property Down Valued by Virgin Money

General Discussion

We are looking at purchasing a 2 bed terraced property in Bolton for 40k. Just got the valuation report back from Virgin Money. The valuer has said that the property is uninhabitable because it has some damp, needs redecorating and needs a new bathroom. I agree on all three counts; but the damp is not too bad, the decor is old fashioned but not horendous, and the bathroom is old but fully functional. We intend to sort out all three issues none of which make the property "uninhabitable".

They want to retain 100% of the mortgage until the work is done. So, unless we can find another lender, it would appear that the only way out is to buy it for cash. Unless that is anyone out there can come up with a better idea.