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Mortgage on a gutted property

Started by dara
over 15 years ago
Posts: 2
Member since: Mar 2011
Discussion about
My husband and I are considering buying a house that has been fully gutted (down to thee beams and subfloors) but were told by the seller we cannot get a mortgage for the purchase. I think this is supposed to mean that we can't get a mortgage against the purchase price, since it would not be a good risk for the bank. Does anyone know what the rules are for mortgaging a property that is uninhabitable? Could we get a mortgage against the value of the land? Could we get a mortgage for a small percentage of the purchase price? Thanks so much in advance.
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