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Buying new house should i increase mortgage to renovate?

  • 04-07-2005 11:07am
    #1
    dwayneburke
    Registered Users, Registered Users 2 Posts: 731 ✭✭✭


    Hi...buying a new house and have a small surplus from the previous sale..to renovate the house...im just wondering should i go back to the bank and ask for a bit more to totally do the house instead of scrimping and saving for the next 5 years...

    Has anyone have had any experience in getting a top up on the mortgage even before drwadown date?


Comments

  • #2
    masterK
    Registered Users, Registered Users 2 Posts: 2,757 ✭✭✭masterK


    It would really depend on how badly the house needs renovating, if it's in reasonable condition you might be better off not extending your mortgage and just doing the renovations bit by bit, remember you will be paying for a short term gain (renovations) over a long term.

    A couple of years ago I looked into extending my mortgage but paying off the extra amount over 3 years. It is possible to do this, the extra money you get is treated seperately to your mortgage. It is the same as getting a loan except for the fact the interest rate you are charged is the same as your mortgage interest rate. The downside for me is that since it wasn't a new house I would have had to pay around €300 for a valuation report from the bank, this won't be an issue for you. There is a name for this type of loan, however I can't remember.


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