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Mortgage for auction property

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  • 19-06-2012 10:35am
    #1
    user37
    Registered Users Posts: 128 ✭✭


    Hi,

    I am interesting in buying a house that is going up for auction soon. i was wondering do the banks lend in this case (i.e when you dont know the cost yet)! the house is in need of further work which i would also be looking to cover as part of the mortgage

    Any help id be grateful


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    #2
    Shannonsider
    Registered Users Posts: 301 ✭✭Shannonsider


    user37 wrote: »
    Hi,

    I am interesting in buying a house that is going up for auction soon. i was wondering do the banks lend in this case (i.e when you dont know the cost yet)! the house is in need of further work which i would also be looking to cover as part of the mortgage

    Any help id be grateful

    Yes they do. Apply for the max you are prepared bid plus whatever you think you'll need for additional work. What may cause an issue is getting the valuation done from the bank's perspective. This may come in for less than you pay for it.


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    #3
    user37
    Registered Users Posts: 128 ✭✭user37


    Hi, Sorry to bring this thread up again.

    I'Ve been to the banks and all is looking good re getting the mortgage but i have now found out that there is no spectic tank and there is issues with it and have to apply for retention.
    i was just wondering, will the banks still lend for this house when there is no planning for the spectic tank???
    thanks again


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