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Renovate with mortgage

  • 25-01-2019 3:54pm
    #1
    Littleredcar
    Registered Users, Registered Users 2 Posts: 185 ✭✭


    I am in the middle of trying to find a house to suit my needs. Short version currently own a house in council estate have made numerous improvements and it’s a lovely house. My father is widower and unable to live alone any more he owns a house in the same council estate. I have a mortgage of 160000 and house is worth in and around 310. I am proposing to sell both and buy a bigger house that will suit both needs ie downstairs bathroom for him toilet shower room etc. We are paying off mortgage no problem but basically have no savings . I applied for mortgage with aib for 100,000 which was approved, however I think this is if I buy a house worth 495,000
    Now I’ve seen a house for 425 and was hoping to buy and extend and use 70,000 out of the mortgage for this but don’t think I’m allowed following a message from the bank
    Any advice


Comments

  • #2
    Doop
    Registered Users, Registered Users 2 Posts: 1,479 ✭✭✭Doop


    Yes I believe you are correct the mortgage you have been offered is for the house purchase only. You cant break it up and use it on different things.

    You need two separate loans ie, one for the purchase of the house and the other to renovate, you can still have these two loans at the same bank and have the payments set up so it doesn't become any hassle. Short answer is chat to your bank about what you want and see what they can do to facilitate. Many people buy houses that require significant renovations.


  • #3
    Littleredcar
    Registered Users, Registered Users 2 Posts: 185 ✭✭Littleredcar


    Doop wrote: »
    Yes I believe you are correct the mortgage you have been offered is for the house purchase only. You cant break it up and use it on different things.

    You need two separate loans ie, one for the purchase of the house and the other to renovate, you can still have these two loans at the same bank and have the payments set up so it doesn't become any hassle. Short answer is chat to your bank about what you want and see what they can do to facilitate. Many people buy houses that require significant renovations.
    Ok what if I held back some of the money for the house ie hand over 275 and 50 for the purchase and keep 100 for expenses such as estate agent and renovations
    House is livable so I’m only extending it to improve


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