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Mortgage and renovation costs loan?

  • 24-06-2014 2:38pm
    #1
    fin78
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi, i have recently been approved of a mortgage of €140,000, which would allow me to purchase a property to the value of €152,000. I am purchasing a property of a family member at the price of €25,000, the property is valued at €55,000. My renovation works will cost me €115,000 approx. What way will the banks favour me now, total cost is €140,000, but am looking for €128,000 to pay purchase price and reno costs. Is there still a chance i may not be approved of this even tho its lower than what i originally have been approved for ? Also my engineer and solicitors fees, i have been paying these off in stages as both are close friends and are happy to do so. I have the 10% pf the €128,000, but these fees are not included in this. Will the bank be ok with this arrangment even though am currently paying each of them bit by bit, as it is i more or less have engineer paid of even before i go to the bank. Will the fact that am €30000 in equity straigh away be a big advantage to me when i go back to bank with my costing template for work ? Any advice would be great.


Comments

  • #2
    Mr.McLovin
    Registered Users, Registered Users 2 Posts: 470 ✭✭Mr.McLovin


    fin78 wrote: »
    Hi, i have recently been approved of a mortgage of €140,000, which would allow me to purchase a property to the value of €152,000. I am purchasing a property of a family member at the price of €25,000, the property is valued at €55,000. My renovation works will cost me €115,000 approx. What way will the banks favour me now, total cost is €140,000, but am looking for €128,000 to pay purchase price and reno costs. Is there still a chance i may not be approved of this even tho its lower than what i originally have been approved for ? Also my engineer and solicitors fees, i have been paying these off in stages as both are close friends and are happy to do so. I have the 10% pf the €128,000, but these fees are not included in this. Will the bank be ok with this arrangment even though am currently paying each of them bit by bit, as it is i more or less have engineer paid of even before i go to the bank. Will the fact that am €30000 in equity straigh away be a big advantage to me when i go back to bank with my costing template for work ? Any advice would be great.

    my advice would be to start your own thread and you'll probably get your answer!


  • #3
    GavMan
    Registered Users, Registered Users 2 Posts: 1,930 ✭✭✭GavMan


    fin78 wrote: »
    Hi, i have recently been approved of a mortgage of €140,000, which would allow me to purchase a property to the value of €152,000. I am purchasing a property of a family member at the price of €25,000, the property is valued at €55,000. My renovation works will cost me €115,000 approx. What way will the banks favour me now, total cost is €140,000, but am looking for €128,000 to pay purchase price and reno costs. Is there still a chance i may not be approved of this even tho its lower than what i originally have been approved for ? Also my engineer and solicitors fees, i have been paying these off in stages as both are close friends and are happy to do so. I have the 10% pf the €128,000, but these fees are not included in this. Will the bank be ok with this arrangment even though am currently paying each of them bit by bit, as it is i more or less have engineer paid of even before i go to the bank. Will the fact that am €30000 in equity straigh away be a big advantage to me when i go back to bank with my costing template for work ? Any advice would be great.

    As above, best to start a thread of your own.

    I think however, if you want to borrow for a renovation, you'll need to show that the property will increase in value. Possibly to the tune of the principle amount. Perhaps more....


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