Preparing for remortgage

paddylonglegs

Hi.

We bought a house 18 months ago that was livable but needs work done. We have been doing cosmetic bits and pieces ourselves like painting, flooring etc. we would like to start looking more in depth to the renovation, replacing bathroom, replumbing, insulation and some other bits. We want to try and keep this under 15k but can't afford all of this in 1 foul swoop.

If we wanted to approach the bank about remortgaging for this amount, what do we need to have in place, do we need to show a history of savings?

I believe that the value may have increased slightly since we bought, plus we also added carpets, tiling, stove.

Thanks

D3PO

carpets tiling and stove wont add to the properties value.

Re remortgae its possible you may be able to do so but not garanteed. Best to have a chat with the bank or broker you used and see what they say.

Also check out what if any of the work qualifies under the home grant scheme. You may be entitled to tax credits on some of the work done although I dont know the full ins and outs regarding qualification critera whats covered etc but its available on the revenue website.

Trish56

Need a lot more information to be able to advise if you can remortgage or not.

• What is the current loan to value on the property if less than 80% it should be not be a problem.
• Will your income qualify you for the increased mortgage.
• How long have you the existing mortgage?.
• Have you other short term borrowings?.
• Have you a good repayment record.

Majority of banks are doing remortgage at the moment and there are some good rates on offer depending on the loan to value.

Ray Palmer

Banks are businesses and they like plans to show how the money will be spent.
For example you want 15k for insulation, re-plumbing , bathroom and more.

That to me sounds very unrealistic. If you do your sums and show the bank that you plan to use the money wisely and can afford it they will be more likely to give it to you.

Bathroom could easily cost 7k and re-plumbing could easily cost similar and more. That is your 15k gone.

Insulation depending on what way you want to do it ranges from 2k-15k depending on size and method. It could also destroy some work you already have done like painting and flooring as would re-plumbing.

25k sounds more realistic to me but I might want a different standard to you. If you put a bathroom in yourself you could possible do it for under 1k but it won't be very high standard.

If you don't have the money learning DIY is worth it. I easily saved 20k doing jobs myself in a 2 year period. I can also repair things now so saved more money.

D3PO

Ray Palmer wrote: »

you could possible do it for under 1k but it won't be very high standard.

.

im sorry but what a crock of ****e. You dont know what level of skills the OP has and what he can or cannot do himself.

Without demeaning or offending any bathroom fitters who may be on here but its actually not that difficult to install a high spec bathroom yourself if you have any reasonable DIY level.

Jesus youd swear you need a degree in astro physics to put in a good quality bathroom.

Ray Palmer

D3PO wrote: »

im sorry but what a crock of ****e. You dont know what level of skills the OP has and what he can or cannot do himself.

Without demeaning or offending any bathroom fitters who may be on here but its actually not that difficult to install a high spec bathroom yourself if you have any reasonable DIY level.

Jesus youd swear you need a degree in astro physics to put in a good quality bathroom.

I was just talking about buying cheap fittings in a bathroom. My bath cost about 1k prior to being fit but you can buy one for €100. Tiles can range wildly in price.

It depends on lots of variables hence me mentioning working it all out is important to see if 15k is enough. I personally don't think it is assuming using tradesmen and a reasonable standard.

D3PO

ok you totally threw me off by saying if you did it yourself you could do it for under a grand but it wouldnt be very good. You should really correct that statement as it indicated the work wont be good if they undertake it themselves.

yes of course depending on the type of products and finishes you decided to have it would have a big bearing on things but if somebody has a budget of X then thats their budget and they can do the work for that price.

now perhaps they wont have the high end marble tiles, crome finishes, hand crafted wall mirror etc but everybody has different tastes that fit different budgets.

if they are happy with it at the end of the day more power to them.

leelee77

Would a credit union loan be an option for you?

D3PO

leelee77 wrote: »

Would a credit union loan be an option for you?

why would they get a credit union loan at a higher interest rate to remortgaging ........