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Purchase and renovate mortgage

jiminho · 2023-04-25 17:03:45

Hi folks, Reaching out to the internet if anyone has any advice or been in a similar situation. Went sale agreed on a house that’s a fixer upper. In my opinion the house is very functional and structurally sound, had a building survey to confirm but the house is quite unclean and grimey. We’d be looking and some light…

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25-04-2023 6:03pm

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jiminho

Registered Users Posts: 395 ✭✭

Join Date: November 2007

Posts: 333

Hi folks,
Reaching out to the internet if anyone has any advice or been in a similar situation. Went sale agreed on a house that’s a fixer upper. In my opinion the house is very functional and structurally sound, had a building survey to confirm but the house is quite unclean and grimey. We’d be looking and some light improvements (paint, flooring etc) and a new kitchen. The banks are coming back saying the house isn’t habitable and they can only consider a purchase and renovate mortgage. They would hold back an amount on the mortgage plus the renovation costs. We can’t afford the upfront costs now as we need to have the cash flow to cover the hold back in cash. We have shown though we can afford a standard mortgage plus the renovations.
Anyone been in this situation before and have some advice?

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