mortgage and renovations

neaddan

My partner and I have been approved for a mortgage of 180,000 we have been unfortunate to have been outbid on two houses in the past few months.
We have recently viewed a house for 149,000 but this home will need about 20,000 worth of renovations. 
We have 20,000 of a deposit saved. 
We already pay rent and save 1300 a month (for the past two years) - this more than covers repayments on a mortgage
Could we get a mortgage for 170,000 or would it be possible to take a mortgage for the asking price and also get a loan for the renovations?

Thanks for any advice offered!!

Andy19842012

Hi all, I am new to boards.ie. I was hoping to get some feedback on what my chances are of getting a first time mortgage. I will be applying for a mortgage on my own, I am a permanent primary teacher, I have 20,000 in savings, no loans or debts. I will be applying for a self build mortgage where I'll be building on a site with full planning permission beside my home house. I am currently renting with 3 others, rent is 200euro per month and bills are extra. I have been charged a few referral fees this last while because the esb and eircom comes out of my a/c- I'm worried that these could go against me, any advice or feedback would be very appreciated!! Would like to know what my chances are, I intend to look for a mortgage very soon.

Andy19842012

How do I start my own thread on this?

Bank of Ireland: Billy

Hi neaddan and Andy19842012, 

Thanks for your posts. 

For queries on a mortgage application, you would need to speak with a qualified mortgage advisor.

Information on Mortgages and arranging a call-back from an advisor can be found here

Thanks

Billy

fin78

Hi, I need some advice..

I have been approved mortgage of €140,000. I am purchasing and old house which I am going to renovate. The house has been valued at €55,000 but the owner is selling it to me for €25,000. The cost of my renovations will cost me €100,000 approx. plumbing, wiring and building work.. What way will I have to draw down the mortgage. Am hoping €120,000 will buy and completely finish the house / furnish. When house is finished it will prob be worth in the region of €170,000 much more than. Will I get the full amount from bank or how much deposit will have toput towards it. Would me Equity / input deposit be €30,000 ?

Please advise...

Bank of Ireland: Billy

fin78 wrote: »

Hi, I need some advice..

I have been approved mortgage of €140,000. I am purchasing and old house which I am going to renovate. The house has been valued at €55,000 but the owner is selling it to me for €25,000. The cost of my renovations will cost me €100,000 approx. plumbing, wiring and building work.. What way will I have to draw down the mortgage. Am hoping €120,000 will buy and completely finish the house / furnish. When house is finished it will prob be worth in the region of €170,000 much more than. Will I get the full amount from bank or how much deposit will have toput towards it. Would me Equity / input deposit be €30,000 ?

Please advise...

Hi fin78, 

Many thanks for your post.

As your queries are very much based on your approval, the Mortgage Advisor who liaised with you on your initial application would be the best person to help with your queries. If you do not have contact details for the advisor, please send us a PM with your name, the branch your account is with and we will arrange a call. 

Thanks

Billy