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First time buyer in a house that needs a total renovation

  • 31-08-2017 9:08pm
    #1
    Technophobia
    Registered Users, Registered Users 2 Posts: 48 ✭


    A house next door to the house we rent is possibly for sale. It is vacant 5 years and is a very very old house with a toilet outside. We live in a lovely neighbourhood and these houses tend to get snapped up and renovated so we are in a lucky position that the owner of the house at sell to us for 50k.

    We never had a mortgage before. Does anyone know how it works when you have to properly but the place? We are talking 100+k I'd say. But any mortgage company ice seen says they only give the mortgage to the value of the house.

    So how do you get a mortgage when the majority is to be drawn down to renovate it. Is there a different process to that?
    We are very lost and the mortgage broker we saw was no help.


Comments

  • #2
    Pepe LeFrits
    Users Awaiting Email Confirmation Posts: 15,001 ✭✭✭✭Pepe LeFrits


    I got a mortgage to buy a small house in need of total renovation, lived it in for a year and then subsequently got a top-up mortgage to do the renovation.

    The top-up was provided in tranches as the work was completed. The builder would send a request for payment periodically, the architect certified the work was done, I gave the bank the certificate, and the bank gave me the money required.


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