Mortgage for house that needs alot of work

  • Thread starter prinzenrolle
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prinzenrolle

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Hello all,
I am looking at a house that requires a fair bit of work - second fixings, some insulation work, driveway, pavements etc.
Is it possible to apply for a mortgage that will cover the asking price, but also the additional capital to carry out the necessary work?

Any info would be great, thanks.
 
I'm under the impression (and maybe someone else could confirm) that the bank will only give you a mortgage for the house, and not the work that needs doing.
 
I rang AIB months and months ago in the same situation they said if i got an estimate from a builder of what it would cost to finish the house they could lend me the whole amount. We didnt go through with it though.
 
I had been provisionally approved for a mortgage recently and ended up buying a house for less than I had been approved for. I asked the bank if I could use the extra money for renovation works (small extension, new kitchen, insulation etc) and they said that I would need to submit a quotes from a builder for all the works and that it would be viewed as a new mortgage application again. In the end I didnt bother as the house was livable and will do the works myself in time when I save up a bit of cash

I think they want to ensure that the work being done will add value to the house and not just spent on fancy decorations. (eg, they might approve works for an extension/attic conversion but not if the money was to be used buying a fancy fireplace and carpets)
 
okay sounds a little more promising so going by this info. thanks for the help.
 
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