Property criteria for mortgage approval

ifyoucantbegood

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

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.

ifyoucantbegood

Thank you!