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Mortgage for house that needs renovation.

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  • 06-11-2017 9:36am
    #1
    kingcon28
    Registered Users Posts: 40 ✭


    Hi everyone,

    Wondering can anyone share their experience with what banks require when applying for a mortgage on a house that needs renovation.

    I am a first time buyer. At the moment I have applied for a mortgage with BOI and this is what they require.

    10% of purchase price of house for a deposit
    10% of cost of works
    10% of cost of works for contingencies.

    For example. for a house costing 100k needing 50k works I would need ; (Assuming the works would add the necessary value to the house)

    10k + 5k + 5k = 20k.

    Any personal experience with different banks or advice would be much appreciated.

    Thanks


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    #2
    kingcon28
    Registered Users Posts: 40 ✭kingcon28


    ....


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    #3
    _brendand_
    Registered Users Posts: 123 ✭✭_brendand_


    Is the house not in a habitable condition at all? If it is in a vaguely habitable condition you won't need to jump through those hoops. If all utilities are working, electrics, heating and plumbing (water and drainage) and there are no obviously hazardous conditions in the property, it's not the case that it's 'uninhabitable'. We bought a house that 'needed work' but objectively speaking it was habitable. Yours may be a clear cut case but it's something to think about.


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    #4
    Cuddlesworth
    Registered Users Posts: 13,995 ✭✭✭✭Cuddlesworth


    _brendand_ wrote: »
    Is the house not in a habitable condition at all? If it is in a vaguely habitable condition you won't need to jump through those hoops. If all utilities are working, electrics, heating and plumbing (water and drainage) and there are no obviously hazardous conditions in the property, it's not the case that it's 'uninhabitable'. We bought a house that 'needed work' but objectively speaking it was habitable. Yours may be a clear cut case but it's something to think about.

    When? Currently the property surveyor will usually assign a rough outline of works required for a property to be livable. And banks will request you have the funds available to get that work done.


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