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Can we get a mortgage on a house that has lain unfinished since 2008?

Property Clinic: Will banks or buildings societies lend for a home that is only 70% complete?

Securing a mortgage for an incomplete property can be more challenging compared with a fully finished house

Would 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?

I understand your interest in obtaining a mortgage for a house that is 70 per cent complete. Based on the information provided, such as the property having a roof, walls, windows and first-fix plumbing, it is possible to explore mortgage options for this partially built house. However, it’s important to note that securing a mortgage for an incomplete property can be more challenging compared with a fully finished house.

In this situation, there are several factors to consider when determining the feasibility of obtaining a mortgage.

  • Lender assessment: Lenders will assess the property’s condition and construction progress. They will evaluate the completed work, such as the presence of a roof, walls, windows and plumbing. However, lenders may still require further details and inspections to determine the overall quality and completion status of the property.
  • 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.
  • Lender policies: Each lender has its own policies and criteria regarding financing incomplete properties. Some lenders may have more flexible guidelines for partially built homes while others may be more conservative. It’s essential to research and approach lenders who have experience with such situations or specialise in construction and self-build mortgages.
  • Construction loan or renovation loan: Depending on the specific circumstances, you might consider applying for a construction loan or a renovation loan. These types of loans are designed to finance the completion of construction or renovation work on a property. They often involve staged releases of funds as the construction progresses and may convert into traditional mortgages once the house is fully completed.
  • Documentation and compliance: Lenders will require documentation, including architectural plans, building permits and proof of compliance with local building codes. They may also conduct inspections throughout the construction process to ensure adherence to regulations.
Majella Galvin

While it may be more challenging to secure a mortgage for a partially built house, it is still possible. Engaging with mortgage advisers, brokers, or lenders experienced in financing incomplete properties can greatly assist you in navigating the process. They can help assess the viability of obtaining a mortgage for this particular property, explore suitable loan options and guide you through the required documentation and evaluation processes.


Majella Galvin is an estate agent and a member of the Society of Chartered Surveyors Ireland

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