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Mortgage top-up query

  • 21-09-2020 4:51pm
    #1
    splashthecash
    Registered Users, Registered Users 2 Posts: 2,322 ✭✭✭


    We are planning on approaching our bank to get a top-up on our existing mortgage to allow us proceed with an extension. We are at the point where we provide the necessary documents\quotes\payslips\etc. for their review and my question is

    If I provide a quote of €X from tiler Joe Blogs, do I need to submit receipts from tiler Joe Blogs, or do I just submit receipts from tiler that I end up going with, because due to timing\other commitments\cheaper tilers coming along, I may not end up going with the person I originally submitted receipts for.

    Many thanks


Comments

  • #2
    tedimc
    Registered Users, Registered Users 2 Posts: 623 ✭✭✭tedimc


    I don't think you need to submit a receipt at all. I have never been asked to do that. The only think I have been asked for is for an engineer to sign off the estimates. And that was only once.

    I have topped up a few times.....:(


  • #3
    jmBuildExt
    Registered Users, Registered Users 2 Posts: 692 ✭✭✭jmBuildExt


    In my experince, the bank will only deal with someone who is in a position to sign off different stages of the build (engineer/architect).
    They give you money in stages based on the % of work done so far. The % of work done so far is reported by the engineer/architect via certs

    Might be different depending on your loan to value ratio ---- alot of ppl release equity in their house to do things other than building an extension.


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