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Using existing house as collateral/deposit to rebuild it?

  • 23-01-2019 8:24am
    #1
    antseanoifig
    Registered Users, Registered Users 2 Posts: 106 ✭✭


    Hi,

    Mods - not sure if I'm in the right thread here, please move if not.

    We are currently living in an old bungalow that is in need of renovation. We have full ownership of it with no current mortgage.

    It is our aim to renovate and rebuild the house to suit our needs for modern living.

    We are wondering if it is possible to use the existing house/site as the deposit as such for what would be a new mortgage on the house to facilitate the rebuild?

    Or would we have to follow the normal path of saving for a deposit ourselves and then look at how much we can borrow.

    Any advice or suggestions would be greatly appreciated.
    Tagged:


Comments

  • #2
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    Did you talk to a mortgage broker?


  • #3
    antseanoifig
    Registered Users, Registered Users 2 Posts: 106 ✭✭antseanoifig


    Not just yet - was looking to see if any one had similar experiences here, or any experience of bank that do accept an existing site as deposit!

    We are really in the early stages of planning to rebuild but trying to get an understanding of what the best path for us will be.


  • #4
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    antseanoifig wrote: »
    Not just yet - was looking to see if any one had similar experiences here, or any experience of bank that do accept an existing site as deposit!

    We are really in the early stages of planning to rebuild but trying to get an understanding of what the best path for us will be.

    Which is why I think, a broker would work best for you. They will be able to give you a plan of action to make sure you're best placed when you do apply.


  • #5
    antseanoifig
    Registered Users, Registered Users 2 Posts: 106 ✭✭antseanoifig


    Askthe EA wrote: »
    Which is why I think, a broker would work best for you. They will be able to give you a plan of action to make sure you're best placed when you do apply.

    Thanks EA


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