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Mortgage unfinished house

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  • 20-09-2014 7:38pm
    #1
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭


    Hi everyone

    My wife and I have good jobs and are able to get over 400k mortgage in principal so the amounts I'm talking about are fine

    We are looking to buy an unfinished house for 155k. It's plastered etc and doesn't need much done . We reckon we would spend 100k extra on it which would include all furnishings

    My question is - how do the bank value and calculate the ltv on this ? Is it based on pp or on pp plus cost of finish

    We have 80k cash so would be looking for around 180k extra - would this b given up front like a normal mortgage ?

    Thanks


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    #2
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    Prob beed to get a valuation done on the property in terms of what the makret value of it is now and and what market value it would be worth on completion of the work you are going to do on it might have to engage in a architect/engineer depending on the scale of work that is needed.


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    #3
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    Rebel1977 wrote: »
    Prob beed to get a valuation done on the property in terms of what the makret value of it is now and and what market value it would be worth on completion of the work you are going to do on it might have to engage in a architect/engineer depending on the scale of work that is needed.

    No structural work needed - only cosmetic and furnishings.

    Would I have to pay for valuer?


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    #4
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    mickman wrote: »
    No structural work needed - only cosmetic and furnishings.

    Would I have to pay for valuer?

    I would imagine it is not considered unfinished, It is doubtful you could get a mortgage for furniture, kitchen etc.


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    #5
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    MouseTail wrote: »
    I would imagine it is not considered unfinished, It is doubtful you could get a mortgage for furniture, kitchen etc.

    Ok thanks


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