Home Renovation

jason6286

I have just bought a house and have no problem with getting a mortgage, but I have just been told by the bank that the renovation loan I applied for won't be given to me as the house is not livable.I said to them how can I make it livable without a loan to make it livable.The answer I got back was you will have to come up with the money yourself.it's a catch 22 case so I don't know what to do.I'm tempted to just change bank.

clerk

Yes trying the other 2 banks would be a start from what you outline.

Sounds mad as you outline it but Irish banks are always full of surprises !!!

Ludo

I guess the question could be where you would be living until it is livable? Well you be paying rent and a mortgage and if so can you afford that. If you have free accommodation until it is livable then I can't see the problem they have.

ted1

jason6286 wrote: »

I have just bought a house and have no problem with getting a mortgage, but I have just been told by the bank that the renovation loan I applied for won't be given to me as the house is not livable.I said to them how can I make it livable without a loan to make it livable.The answer I got back was you will have to come up with the money yourself.it's a catch 22 case so I don't know what to do.I'm tempted to just change bank.

So do you own the house now its a bit confusing? How much is needed? I was told by AIB to get a personal loan to do work after I got a mortgage

Bepolite

Sounds odd that they lent on a house that needed renovation. I thought that having the money to do the work was a requirement of getting the mortgage?

BryanF

Was the Reno cost factored in and discussed with bank at the time of purchase?