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Getting mortgage on builders finish home

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  • 25-08-2016 9:40am
    #1
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    Registered Users Posts: 314 ✭✭


    Hi all

    Looking to see if anyone had any experiences in trying to get a mortgage for an unfinished sealed home (requires septic tank fitting)

    As far as I'm aware banks are reluctant to lend against something like this?
    Any insight would be appreciated
    House im looking at has been sitting idle for at least 6 years - not sure if this would effect things further?


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    #2
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    A "builders finish" can be only the four walls.

    What else needs to be done?


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    #3
    Dinkie
    Registered Users Posts: 1,291 ✭✭✭Dinkie


    We have just gotten a mortgage for a 'builders finish'. There were no issues at all.

    The house we are buying has 4 walls, a roof, stairs, plumbing and radiators. The rest we have to finish ourselves.

    Ours was lying idle for about 5 years.


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    #4
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    Registered Users Posts: 314 ✭✭flashforward


    the_syco wrote: »
    A "builders finish" can be only the four walls.

    What else needs to be done?

    1st fittings are in. It would need flooring, tiling, fit bathrooms, it also needs a septic tank. All wiring, plumbing, plastering etc. is done.
    Dinkie wrote: »
    We have just gotten a mortgage for a 'builders finish'. There were no issues at all.

    The house we are buying has 4 walls, a roof, stairs, plumbing and radiators. The rest we have to finish ourselves.

    Ours was lying idle for about 5 years.

    Who did you get a mortgage with do you mind me asking?
    I've spoke to one lender and they are looking for the original engineers report from the time of the build - a six point letter. The house was built over 6 years ago so that would be exceptionally difficult to get.


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    #5
    Dinkie
    Registered Users Posts: 1,291 ✭✭✭Dinkie


    It was AIB. We already have a mortgage with them. Found them extremely helpful.

    I should add that we haven't closed yet, but we are hoping to within the next 3 weeks. We are just waiting for the snag list to be completed.


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    #6
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    Registered Users Posts: 314 ✭✭flashforward


    Dinkie wrote: »
    It was AIB. We already have a mortgage with them. Found them extremely helpful.

    I should add that we haven't closed yet, but we are hoping to within the next 3 weeks. We are just waiting for the snag list to be completed.

    Are AIB looking for a structural engineers report prior to letting you draw down on the mortgage? Or do you have the original engineers reports from the build?


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    #7
    Picking Dasies
    Registered Users Posts: 31 ✭Picking Dasies


    Dinkie,

    Im looking to purchase a builders finish house at the moment and looking for your advise on following;

    1. Do banks offer mortgage to value of sale agreed, or do they offer to value of completion costs. Say house is 200k and to finish 250k. Would they approve 250k?

    2. Do i need to engage with building surveyors, engineers or energy experts to examine current state of house or to sign-off paperwork? House was built 5 years ago and has always been air tight.

    Any other advise from your experience appreciated.

    Thanks.


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