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Using existing house as collateral/deposit to rebuild it?

  • 23-01-2019 8:24am
    #1
    Registered Users Posts: 39 antseanoifig


    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.


Comments

  • Registered Users Posts: 724 ✭✭✭ Askthe EA


    Did you talk to a mortgage broker?


  • Registered Users Posts: 39 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.


  • Registered Users Posts: 724 ✭✭✭ Askthe EA


    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.


  • Registered Users Posts: 39 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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