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Mortgage Query for Home Renovation

Newtown90 · 2018-01-18 11:00:17

Morning all. I've recently been left a cottage and a plot of land. The cottage is in livable condition but is small and needs modernization. From rough sketches and number crunching we've worked out we need in the region of €120-130K to complete the works. Two questions: 1. I can't find anything on the banking websites…

18-01-2018 11:00am

#1

Newtown90

Registered Users, Registered Users 2 Posts: 1,621 ✭✭✭

Join Date: August 2006

Posts: 1487

Morning all.
I've recently been left a cottage and a plot of land. The cottage is in livable condition but is small and needs modernization.
From rough sketches and number crunching we've worked out we need in the region of €120-130K to complete the works.
Two questions:
1. I can't find anything on the banking websites regarding situations like the one we're in. Do banks give mortgages for works like this or do I need to limit the works to a personal loan?
2. If they do give mortgages how do they calculate it? House value + 3.5 times income?

Thanks,
N

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