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Do banks give mortgages on rundown houses

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  • 11-06-2014 7:07pm
    #1
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭


    Just wondering do banks approve relatively small mortgages on old rundown houses?Thanks


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    #2
    earlyevening
    Registered Users Posts: 1,331 ✭✭✭earlyevening


    Problem is that you might not get home insurance and then the bank won't release the funds.


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    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    They usually insist that the place is in a saleable condition. If the borrower defaults then other than builders who will be looking for a bargain, they're left with something that nobody will be prepared to buy off them.


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    #4
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    If the house is not habitable, then a mortgage would be treated like a mortgage for a new-build, i.e. you would need to get the mortgage for the full amount required to buy and renovate the place, would need to submit the estimates for the renovation from the outset etc.

    If the house is habitable and has no structural problems, then you can get a mortgage for it as normal.


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