Personal Loan

Westwood

Hi Folks

Looking for some advise. I have a large deposit saved for a house which I was going to use as a deposit towards a mortgage in Dublin, however a great house has come-up in the country and I am tempted to buy, I possibly wouldn't get a mortgage on this (well im really sure I wouldn't) as its in an unfinished state and a considerable distance from my current job. I reckon id need under 50k to purchase (go sale agreed) adding to my current savings and maybe get some internal works finished also. I'm looking for advise on getting a personal loan from a bank or credit union, Am I right in thinking they wont lend if they know it will be used to fund the purchase of a house or lands
When the solicitors asked where funds have came from to purchase, obviously this is all traceable. Anyone have any experience with this and can advise where i can come up with shortfall to purchase a property.

Many thanks in advance

Treepole

There's every chance you'd get a mortgage on the unfinished property.
You will need to get engineers reports, etc, but basically they will use the value of the house once all works are completed to determine how much of a mortgage they will give you. E.g. if the banks valuer says the house will be worth 200k on completion of the work then you might get 80% of the 200k. This can be drawn down in stages as you complete the renovations.

Trish56

Yes it is possible to get a mortgage to purchase and complete an unfinished property. You will need to get a quotation to complete the property and have the works supervised by a qualified Architect/Engineer who has professional Indemnity Insurance.

Mortgage will issue in stages with first stage issued to purchase the property and then on production of interim stage payments certificates from the Architect/Engineer as the work progresses.