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Mortgage Help - 1st fix house!

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  • 12-09-2014 9:49am
    #1
    timaros
    Registered Users Posts: 12 ✭


    Myself and DH had mortgage in place to purchase a second hand property (trading up sold our own) however we withdrew from sale on advice of Engineer. We have since seen a house that we would love however it is only at first fix stage. Does anyone know of any bank that will lend 90% to purchase house at this level of finish? We contacted PTSB who we had original mortgage with who confirmed it was "bank policy" to only lend 75% on a house at this level. We are currently arranging meetings with every other bank but we wonder if perhaps we are wasting our time?

    We have had a higher mortgage and never missed a payment for over 10 years on our own house. The mortgage allowed on the house we walked away from was higher also and although the house was in a terrible state the bank were still willing to lend on it because it was finished and structurally sound, however they seem to have some unknown reason for lending on a house built to first fix level but unfinished for a number of years, obviously subject to Engineers report etc, although we can prove we will be able to finish off the build and repay all monies over the term of a mortgage. Can anyone shed any light on their reasons or perhaps advise as to ways around their policies to get the house of our dreams?!!!

    TIA


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    #2
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    timaros wrote: »
    Myself and DH had mortgage in place to purchase a second hand property (trading up sold our own) however we withdrew from sale on advice of Engineer. We have since seen a house that we would love however it is only at first fix stage. Does anyone know of any bank that will lend 90% to purchase house at this level of finish? We contacted PTSB who we had original mortgage with who confirmed it was "bank policy" to only lend 75% on a house at this level. We are currently arranging meetings with every other bank but we wonder if perhaps we are wasting our time?

    We have had a higher mortgage and never missed a payment for over 10 years on our own house. The mortgage allowed on the house we walked away from was higher also and although the house was in a terrible state the bank were still willing to lend on it because it was finished and structurally sound, however they seem to have some unknown reason for lending on a house built to first fix level but unfinished for a number of years, obviously subject to Engineers report etc, although we can prove we will be able to finish off the build and repay all monies over the term of a mortgage. Can anyone shed any light on their reasons or perhaps advise as to ways around their policies to get the house of our dreams?!!!

    TIA


    Hey . How did you get on with the other banks ?


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    #3
    timaros
    Registered Users Posts: 12 ✭timaros


    currently in discussion with EBS - mortgage in princple but much more drawn out due to first fix house. Anyway their policy is 92% of purchase price and then 75% on finishing although when we sent in our Engineers costings the FA in EBS sought from headoffice 92% overall on purchase price and finishing for us so we wouldnt be short on finishing the property. Again they are making us provide oodles of documentation but are meeting with them this afternoon and hopefully (one month later) we might finally get the offical loan offer and will be finally able to move forward.


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