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Property criteria for mortgage approval

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  • 30-06-2014 2:05pm
    #1
    ifyoucantbegood
    Registered Users Posts: 2 ✭


    Hi All,

    I have a quick question re. set criteria a property might possibly have to meet to qualify for a first time buyers mortgage. I have contacted AIB earlier today (live chat online) and they could not provide me with any details or documents.

    I have heard that if the property does not have running water / bathroom / waste treatment etc that it may not be possible to get a mortgage?

    I am looking into buying a property that would need renovating, maybe completely gutting and an overall.

    Can anyone offer any insight into this?

    Thanks
    KT
    Tagged:


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    #2
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,963 Mod ✭✭✭✭L1011


    If the property is not instantly inhabitable you are going to be required to show how you're going to fund making it habitable - either from the mortgage (which will then lead most likely to stage payments, completion certification, etc) or your own money that's over and above the deposit. I had to provide details on this due to a "in need of renovation" on the daft ad despite the fact the house was actually habitable - I moved in within three days. This applies to conventional owner occupier mortgages which is what an FTB would generally be getting.


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    #3
    ifyoucantbegood
    Registered Users Posts: 2 ✭ifyoucantbegood


    Thank you!


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