For a property to be considered an 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 with relative comfort. The property must:
- 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 must not have commented that the property in its current condition is deemed uninhabitable.