Property Clinic: Would it be possible to get a mortgage on a house that is 70% complete?
Securing a mortgage for an incomplete property can be more challenging compared with a fully finished houseWould it be possible to get a mortgage on a house that is 70 per cent complete? We have identified a property that is partially built. Developed in 2008, it has a roof, walls, windows and first-fix plumbing. Would it be difficult to get a mortgage on this property?
In this situation, there are several factors to consider when determining the feasibility of obtaining a mortgage. Valuation: The lender will conduct a valuation of the property to estimate its current and potential value upon completion. This assessment is crucial in determining the loan amount that may be granted for the partially built house.
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