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amount of mortgage

  • 19-05-2014 7:24pm
    #1
    arrianalexander
    Registered Users, Registered Users 2 Posts: 999 ✭✭✭


    Hi

    Quick question we are applying for mortgage

    The house we want is 130k but we need to put a new kitchen in and new bath and beds etc can we draw down a mortgage for 140k to cover these costs , the bank has agreed in principle to 150k but we are wondering will they just cover house in mortgage or can we up it to cover what we need?

    Thanks in advance


Comments

  • #2
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    arrianalexander wrote: »
    Hi

    Quick question we are applying for mortgage

    The house we want is 130k but we need to put a new kitchen in and new bath and beds etc can we draw down a mortgage for 140k to cover these costs , the bank has agreed in principle to 150k but we are wondering will they just cover house in mortgage or can we up it to cover what we need?

    Thanks in advance

    They will only give you approx 90% of value of house, so in your case thats 117k. You will need to come up with approx 23k yourself, 13k deposit plus 10k to cover renovations if thats enough


  • #3
    arrianalexander
    Registered Users, Registered Users 2 Posts: 999 ✭✭✭arrianalexander


    bmwguy wrote: »
    They will only give you approx 90% of value of house, so in your case thats 117k. You will need to come up with approx 23k yourself, 13k deposit plus 10k to cover renovations if thats enough

    Even though we have been approved a mortgqe of 150 ?


  • #4
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    arrianalexander wrote: »
    Even though we have been approved a mortgqe of 150 ?

    Yep. If you bought a house for 165k the banks would give you 150k. In the past there were 100% and even 105% mortgages to cover fittings etc but 92% is the absolute max these days.


  • #5
    arrianalexander
    Registered Users, Registered Users 2 Posts: 999 ✭✭✭arrianalexander


    bmwguy wrote: »
    Yep. If you bought a house for 165k the banks would give you 150k. In the past there were 100% and even 105% mortgages to cover fittings etc but 92% is the absolute max these days.

    Thanks back to drawing board


  • #6
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    arrianalexander wrote: »
    Thanks back to drawing board

    Talk to your bank to confirm, but I'd be fairly certain thats what they'll tell you. I had a 27k deposit for my house but instead of handing it all over I paid 22k (8% of value) and kept the 5k to furnish it. My house was brand new but I needed that 5k for carpets, paint, beds, tiles etc...You'll need the same if you are not happy to live in it as it currently is.


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