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Do banks give mortgages on rundown houses

Johngoose · 2014-06-11 18:07:57

Just wondering do banks approve relatively small mortgages on old rundown houses?Thanks

11-06-2014 7:07pm

#1

Johngoose

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Just wondering do banks approve relatively small mortgages on old rundown houses?Thanks

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Comments

#2 11-06-2014 8:34pm

earlyevening

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Problem is that you might not get home insurance and then the bank won't release the funds.

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#3 11-06-2014 9:20pm

coylemj

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They usually insist that the place is in a saleable condition. If the borrower defaults then other than builders who will be looking for a bargain, they're left with something that nobody will be prepared to buy off them.

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#4 12-06-2014 7:53am

Liam D Ferguson

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If the house is not habitable, then a mortgage would be treated like a mortgage for a new-build, i.e. you would need to get the mortgage for the full amount required to buy and renovate the place, would need to submit the estimates for the renovation from the outset etc.

If the house is habitable and has no structural problems, then you can get a mortgage for it as normal.

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