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Mortgage with Money Held Back for Renovation

  • 20-02-2017 10:22PM
    #1
    HouseHeating
    Registered Users, Registered Users 2 Posts: 14 ✭


    We have been approved by our bank to have €30,000 on top of our house price included in our mortgage in order to carry out essential renovations on the house. Had an valuation carried out and everything appears to be in order.

    These funds are being held back until work is completed. Can anyone tell me what is the process for having these funds released? Is another valuation is needed or is there anything else needed? Do I need to keep invoices from builders?.

    Has any one any experience with this previously? Can perhaps explain how this works? Any help is greatly appreciated. Thanks!


Comments

  • #2
    busylady
    Registered Users, Registered Users 2 Posts: 82 ✭✭busylady


    A final valuation may be required by your bank and/or a certificate from the architect confirming all the relevant work has been completed. The loan offer will set out the bank's requirements in detail.


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