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Mortgage to complete part built house

pistol_75 · 2014-03-31 13:36:50

Hi there, We are currently interested in a house that is partially built with a view to purchasing it and completing it. This query is solely about financing the purchase and completion. We currently have a mortgage with AIB that is not negative equity but not much equity built up. Lets say the cost of the unfinished…

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31-03-2014 2:36pm

#1

pistol_75

Closed Accounts Posts: 2,682 ✭✭✭

Join Date: June 2007

Posts: 2655

Hi there,

We are currently interested in a house that is partially built with a view to purchasing it and completing it. This query is solely about financing the purchase and completion.

We currently have a mortgage with AIB that is not negative equity but not much equity built up. Lets say the cost of the unfinished property is €130K and it costs for argument sake €100K to finish the property will the banks give you finance for that amount.

All things being equal the house will be worth more than that when it is completed and from previous visits there would be no issue getting approval for say €230K if we were buying a completed house.

So will the banks work with you on this type of scenario or will they only give you a mortgage for the purchase price and you are expected to come up with the cost of completing the property some other way?

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