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Home Renovation

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  • 06-01-2014 7:49pm
    #1
    jason6286
    Registered Users Posts: 2 ✭


    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.


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    #2
    clerk
    Registered Users Posts: 481 ✭✭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 !!!


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    #3
    Ludo
    Registered Users Posts: 5,015 ✭✭✭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.


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    #4
    ted1
    Registered Users Posts: 23,322 ✭✭✭✭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


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    #5
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭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?


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    #6
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,140 Mod ✭✭✭✭BryanF


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


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