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 valuer must not have commented that the property in its current condition is deemed uninhabitable.