Mortgage top up

blindside88

Hi Guys,

Just wondering if anyone can give me some advice on this. It's only an idea I've had at the minute but is it possible to top up a mortgage on my family home (approx €30,000) to buy a small apartment

Thanks in advance

dar100

blindside88 wrote: »

Hi Guys,

Just wondering if anyone can give me some advice on this. It's only an idea I've had at the minute but is it possible to top up a mortgage on my family home (approx €30,000) to buy a small apartment

Thanks in advance

Let's hope not

blindside88

dar100 wrote: »

blindside88 wrote: »

Hi Guys,

Just wondering if anyone can give me some advice on this. It's only an idea I've had at the minute but is it possible to top up a mortgage on my family home (approx €30,000) to buy a small apartment

Thanks in advance

Let's hope not

Why is that? There's good equity in my house and the interest rate is considerably better than purchasing the property under a personal loan?

Karlsand

You cant buy an apartment with a personal loan im afraid.

If you can qualify for a mortgage on the investment based on the minimum requirements then thats no issue, you can have both mortgages running concurrently, but i am not aware of any institution which will do the deal you are looking for.

blindside88

Karlsand wrote: »

You cant buy an apartment with a personal loan im afraid.

If you can qualify for a mortgage on the investment based on the minimum requirements then thats no issue, you can have both mortgages running concurrently, but i am not aware of any institution which will do the deal you are looking for.

Thanks for that, that's what I thought. Out of interest why could I not buy it using a personal loan from the credit union or my bank?

Islander13

blindside88 wrote: »

Thanks for that, that's what I thought. Out of interest why could I not buy it using a personal loan from the credit union or my bank?

Course you can buy it with a personal loan. Assuming you have the balance of the purchase price already available (if indeed there is a balance)

Karlsand

Islander13 wrote: »

Course you can buy it with a personal loan. Assuming you have the balance of the purchase price already available (if indeed there is a balance)

Yes its true if you need 10k and you lie to the bank and say its for a new kitchen or something then yes you could get a personal loan. But if your looking to borrow 60/70% of the purchase price of an average property that wont fly.

Personal loans normally have a max term of 5 years. Mortgages for investments can be up to 30.

Sorry just noted that your only seeking 30k - i misread that you had 30k left on your own mortgage. It may be possible to get a personal loan but check out the T+C'S before declaring the purpose of the loan, as you will normally be directed to the mortgage department if the purpose of the loan is a property purchase.

blindside88

Islander13 wrote: »

blindside88 wrote: »

Thanks for that, that's what I thought. Out of interest why could I not buy it using a personal loan from the credit union or my bank?

Course you can buy it with a personal loan. Assuming you have the balance of the purchase price already available (if indeed there is a balance)

Thanks for that

Trish56

What is the purchase price of the apartment?

blindside88 wrote: »

Hi Guys,

Just wondering if anyone can give me some advice on this. It's only an idea I've had at the minute but is it possible to top up a mortgage on my family home (approx €30,000) to buy a small apartment

Thanks in advance

blindside88

Trish56 wrote: »

What is the purchase price of the apartment?

blindside88 wrote: »

Hi Guys,

Just wondering if anyone can give me some advice on this. It's only an idea I've had at the minute but is it possible to top up a mortgage on my family home (approx €30,000) to buy a small apartment

Thanks in advance

About €35k, I know on a new mortgage I could only borrow something like 75% because it's a 1 bed