Persoanl Loan to purchase Property?

R

rochforn

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Hi Folks

Looking for some advise. I have a large deposit saved for a house which I was going to use as a deposit towards a mortgage in Dublin, however a great house has come-up in the country and I am tempted to buy, I possibly wouldn't get a mortgage on this (well im really sure I wouldn't) as its in an unfinished state and a considerable distance from my current job. I reckon id need under 50k to purchase (go sale agreed) adding to my current savings and maybe get some internal works finished also. I'm looking for advise on getting a personal loan from a bank or credit union, Am I right in thinking they wont lend if they know it will be used to fund the purchase of a house or lands
When the solicitors asked where funds have came from to purchase, obviously this is all traceable. Anyone have any experience with this and can advise where i can come up with shortfall to purchase a property.

Many thanks in advance
 
I certainly don't see a credit union having a difficulty with this assuming your income is sufficient, the rate will be higher and the term shorter and they may require the house as security but no reason why it's not doable. Bank might be a runner too, some have strange policies though and you never know whether they will do it or not.
 
Some of the banks do 10 year Home Improvement Loans (up to €30k). It's linked to the Home Renewal Incentive. Then maybe just take out a €20k credit union or personal loan.
 
Thanks guys, As mentioned id need around 35k to add to my funds to actually go sale agreed on property. Therefore im not really borrowing for home improvement as of yet, its actually to complete sale of house. Im based/Work in Dublin and said house is in Galway and have mortgage approval from a few banks and dont see why I cant get a loan from Credit union either but to finalise a sale of a unfinished house 220kms away from my job?. I dont want to risk a personal application process by saying its to complete a sale of an unfinished house on the other side of the country then just to be told no and loose out on the lowest interest rates from particular banks for personal loans....
 
How 'unfinished' is the estate and what makes the house so great. Who is going to finish the estate. You could end up with a house finished by you but without finished roads or street lights etc.
 
OP said the house is in the country, highly unlikely the roads or lights are an issue as more than likely a one off build.
 
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