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aib mortgage

  • 10-11-2018 1:53pm
    #1
    carlodlin
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi we are buying a house we were approved for a mortgage but then even thou we told them it needed work after the house was valued they decided that if the valuer said it was habitable they would sign off on the mortgage. The valuer wont because it has no kitchen, the electric is connected but not on and the water connection is there but not connected, but we cannot do these things until we own the house. We told AIB this and the gut in the bank has gone back the Aib. We have the money in my account to do the house up, the amount we are borrowing is 40000 less that the value, we have all costs for doing the work,What are the chances they will give us the mortgage and if not do we have any other options
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  • #2
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    carlodlin wrote: »
    Hi we are buying a house we were approved for a mortgage but then even thou we told them it needed work after the house was valued they decided that if the valuer said it was habitable they would sign off on the mortgage. The valuer wont because it has no kitchen, the electric is connected but not on and the water connection is there but not connected, but we cannot do these things until we own the house. We told AIB this and the gut in the bank has gone back the Aib. We have the money in my account to do the house up, the amount we are borrowing is 40000 less that the value, we have all costs for doing the work,What are the chances they will give us the mortgage and if not do we have any other options

    Hi Carlodlin, I wouldnt sign a house as habitable without a kitchen, water and electricity available either.

    I believe what you must do in this situation is to get a quotation for the renovations required to make the property habitable. Once you have a quotation you provide it to the valuer. He will then tell the bank that the property is worth x in its current condition and Y when finished. If what you borrow is less or equal to the figure when the works are completed, I cannot see why the bank wouldnt allow you to draw down the mortgage.


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