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Mortgages for renovation projects

scrgirl · 2014-12-01 21:37:17

Just wondering are the banks lending on properties in need of renovation? I've heard anecdotally that they will only lend the amount after the work is completed if it deems the house is now worth the higher value. We are really interested in a fixer upper, we would need at least 30k on top of the price (100k)for the work…

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01-12-2014 10:37pm

#1

scrgirl

Registered Users Posts: 323 ✭✭

Join Date: January 2012

Posts: 277

Just wondering are the banks lending on properties in need of renovation? I've heard anecdotally that they will only lend the amount after the work is completed if it deems the house is now worth the higher value. We are really interested in a fixer upper, we would need at least 30k on top of the price (100k)for the work to be done, we would have 20k of our own after the deposit (project estimate around 50k) What are our options can anyone inform me? We have full mortgage approval for 250k

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#2 01-12-2014 11:57pm
Trish56

Registered Users Posts: 1,256 ✭✭✭

Join Date: November 2012

Posts: 1244

Yes banks are lending to purchase and renovate. You should be able to borrow up to 92% of the purchase price and 92% of the renovations subject to value on completion of the project. Structural work will have to be supervised by a qualified Architect/Engineer who will certify stage payments.

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#3 02-12-2014 9:40am
scrgirl

Registered Users Posts: 323 ✭✭

Join Date: January 2012

Posts: 277

thats reassuring thanks for the reply.

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