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Mortgage Question

Darrenon91 · 2022-02-25 14:27:52

Hi all, we are AIP for 300k, we have found a home that is up for 225k that we like but we know it will need 60/70k worth of work to get it up to date. Can we borrow the full amount in this situation or what is our options with regards a home improvement loan that would be as close to mortgage rates? Cheers.

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25-02-2022 3:27pm

#1

Darrenon91

Registered Users Posts: 369 ✭✭

Join Date: August 2014

Posts: 337

Hi all, we are AIP for 300k, we have found a home that is up for 225k that we like but we know it will need 60/70k worth of work to get it up to date.
Can we borrow the full amount in this situation or what is our options with regards a home improvement loan that would be as close to mortgage rates?
Cheers.

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#2 27-02-2022 1:19am
Geuze

Registered Users Posts: 13,145 ✭✭✭✭

Join Date: July 2010

Posts: 12998

No, you can't borrow the full amount 300k.
If the max LTV is 90% for you, then the max mortgage is 90% of the purchase price.

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#3 01-03-2022 9:51am
Emma2019

Registered Users Posts: 414 ✭✭

Join Date: May 2019

Posts: 394

There are mortgages that cover significant renovations. So you could get a mortgage for 270k and only have to put 27k additional towards it yourself.
Rules around borrowing to cover renovations are awkward, you need quotes for works in advance among other things. There's a self-build group on Facebook that can offer better guidance.

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