Home renovation mortgage

Mayo_lass

I’m new to boards- this might not be in the right forum, I wasn’t sure where to put it.

My husband and I have been approved for a mortgage for home renovations. We need to have a good few things done, inside and out We’ve been approved for €50k- though we don’t anticipate needing all of this, and some works are underway (we got a letter telling us we had been approved weeks ago). We were told last week that we could draw down when we produced invoices.
We’ve run into a small problem though- today when we enquiried about drawing down the money in stages we were told that the smallest amount we can draw down initially is €20k. No one mentioned this until now. The first of our big jobs is almost complete, and we’re expecting a bill for about €10k, and we have some other invoices adding up to about €3k which we can submit.
The next big job we need done is outside work- drainage, septic tank etc, and the person who was supposed to do it has failed to show up- we therefore obviously won’t have an invoice for the work, because it hasn’t commenced, but that means we can’t draw down the €10k we need to pay the incoming bill.
We can get a home improvement loan to pay it, that shouldn’t be an issue, but the interest rates are much higher, and it seems like a bit of a rigmarole- especially since the other works will still need to be done in the near future.
Does anyone know if there’s any way around this?

Water John

Are there any materials you need to purchase?

Mayo_lass

the invoices we have are for things we’ve had to buy as we’ve been going.
There are other materials we need, but not €7k worth that we know of yet. We’re looking for someone to do groundworks, seeing as though the first person we had lined up didn’t show. Obviously there will be materials associated with that, but we’re short someone to tell us what they are!
The other things we need will be supply and fit- some new kitchen units, new external doors etc.

Water John

If you are a credit union member, might be worth explaining and see could they give you bridging. Other than that, family.

you2008

Mayo_lass wrote: »

I’m new to boards- this might not be in the right forum, I wasn’t sure where to put it.

My husband and I have been approved for a mortgage for home renovations. We need to have a good few things done, inside and out We’ve been approved for €50k- though we don’t anticipate needing all of this, and some works are underway (we got a letter telling us we had been approved weeks ago). We were told last week that we could draw down when we produced invoices.
We’ve run into a small problem though- today when we enquiried about drawing down the money in stages we were told that the smallest amount we can draw down initially is €20k. No one mentioned this until now. The first of our big jobs is almost complete, and we’re expecting a bill for about €10k, and we have some other invoices adding up to about €3k which we can submit.
The next big job we need done is outside work- drainage, septic tank etc, and the person who was supposed to do it has failed to show up- we therefore obviously won’t have an invoice for the work, because it hasn’t commenced, but that means we can’t draw down the €10k we need to pay the incoming bill.
We can get a home improvement loan to pay it, that shouldn’t be an issue, but the interest rates are much higher, and it seems like a bit of a rigmarole- especially since the other works will still need to be done in the near future.
Does anyone know if there’s any way around this?

The best rate I check a few weeks ago is kbc at 6%. Please note this is a loan not a mortgage. Therefore rate is higher as the bank face higher risk from u