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For a property to be considered as being acceptable security for mortgage lending it must be structurally sound and secure, easy to appraise and immediately habitable as a residential property.
The definition of habitable requires the property to be capable of being lived in, in relative comfort:
- Be wind and weather tight.
- Be plastered out
- Have all services functioning and connected, and a kitchen with:
- Functioning hot and cold-water supply to a sink
- Adequate food preparation and storage facilities
- Have a functioning bathroom with bath or shower and WC and
- The inspecting surveyor has not commented that the property in its current condition is deemed uninhabitable.