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Mortgage and Period House

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  • 09-07-2013 4:15pm
    #1
    west side kid
    Registered Users Posts: 39 ✭


    Just went sale agreed on a period house (Victorian). It needs a bit of work but is definitely habitable.

    Was wondering if anyone had recommendations for a good lender? Who'll run the process smoothly - and can deal with this sort of house. (I've horror stories of people who are refused mortgages on houses >100 years etc).

    Also, just general experiences. Any additional requirements?


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    #2
    Victor
    Registered Users Posts: 78,411 ✭✭✭✭Victor


    Is it a bit late looking for a mortgage?

    I imagine all would lend, subject to the usual criteria.

    You would be well advised getting the property inspected by a property surveyor or similar.

    There may be issues insuring it.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    So you have gone sale agreed but dont have mortgage yet?


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    #4
    elmolesto
    Registered Users Posts: 5,721 ✭✭✭elmolesto


    west side kid wrote: »
    Just went sale agreed on a period house (Victorian). It needs a bit of work but is definitely habitable.

    Was wondering if anyone had recommendations for a good lender? Who'll run the process smoothly - and can deal with this sort of house. (I've horror stories of people who are refused mortgages on houses >100 years etc).

    Also, just general experiences. Any additional requirements?

    Don't you think you got your priorities wrong?
    How can you go sale agreed before sorting out a mortgage?
    You might have wasted the sellers and estate agent time.
    My girlfriend and I were bidding against people just like you and wasted so much time:mad:


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    west side kid wrote: »
    Just went sale agreed on a period house (Victorian). It needs a bit of work but is definitely habitable.

    Was wondering if anyone had recommendations for a good lender? Who'll run the process smoothly - and can deal with this sort of house. (I've horror stories of people who are refused mortgages on houses >100 years etc).

    Also, just general experiences. Any additional requirements?

    The lenders will want to see a copy of your Structural Surveyors report and if there are any 'essential repair' items raised by either the surveyor or the Bank's Valuer they will want to see that you have sufficient funds to complete the works. If the property is in good condition the fact that it's over 100 yrs old won't really make a difference.


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    #6
    padjo5
    Registered Users Posts: 537 ✭✭✭padjo5


    Firstly, I hope it works out for you.


    The points above are all valid. Is the agent aware that you have yet to get mtg approval? If so im surprised they (and vendor) accepted your offer.

    All banks will usually required full survey on a property of that age, on top of the usual financial underwriting.

    Basically, get motoring on the mtg front, for everyone's sake.

    Good luck.


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