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aib mortgage top up

  • 03-07-2020 7:47pm
    #1
    acamp
    Registered Users, Registered Users 2 Posts: 2 ✭


    I applied for a mortgage top up from AIB but the agent couldn't answer my questions well.

    Basically I am looking to renovate upstairs bathroom (15-20k) first and only then go on with building small extension (70-90k).

    Can I get AIB to use mortgage top up to pay a deposit for bathroom renovation as my preferred place has about 3-4 months wait time and they would require deposit?

    Also is it possible to use mortgage top up to renovate bathroom and only then separately add extension or would this require 2 separate applications ? (providing that approval in principle is for 130k)

    Thanks


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    The total amount sounds a bit much for a top up, they usually have an upper limit and once you go over that you are looking at a full remortgage rather than a top up.

    Top ups are usually second mortgages that run alongside the existing one for the remaining term and don't generally involve legal fees etc and that is why there is usually an upper limit to the amount, at a guess I'd say it would be around 70k but I could be wrong as things may have changed in banking since I've worked there.

    Once you go over the limit of the top up loan you basically have to do a whole new mortgage for the total amount, so you could do the bathroom bit with a top up but if you are going to be looking for a bigger amount later then I don't think that will come under the top up bit and you may need to do a new application for a full mortgage.


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