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Mortgage Query for Home Renovation

  • 18-01-2018 11:00am
    #1
    Registered Users, Registered Users 2 Posts: 1,621 ✭✭✭


    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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