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Mortgage Query

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  • 18-06-2012 11:55am
    #1
    user37
    Registered Users Posts: 128 ✭✭


    Hi,

    I just wanted to ask a quick question. i'm looking at a house at the moment, its just really a shell, got windows doors roof and 1st fix plumbing.(no elect, stairs etc)
    Is it possible to get a mortgage just to buy this house ( and fix it up myself later in time to come) or will the bank want me to take out a mortgage to get it livable in as wel???

    thanks


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    #2
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    if it's not being done up straight away, they might see it as being an investment property and charge you the appropriate (higher) interest rates.


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    #3
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    They will want you to have a plan in place to finish it, estimates etc, timespan, as otherwise as security for them it is not great. Worst case scenario, which the bank is always thinking of, they have to repossess and they are left with unfinished deteriorating unsaleable house.


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