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One bed conversion - mortgage advice needed

  • 15-08-2016 05:54PM
    #1
    sparkle109
    Registered Users, Registered Users 2 Posts: 176 ✭✭


    Hi all, I was hoping for a bit of guidance. I'm looking to buy, have the 20% deposit saved. I have found a one bed that I love, and it has a very large dining area which I would like to make a second bedroom. I was wondering if anyone knew if anywhere would allow me a reduced deposit based on the fact it'll be a two bed? I can only seem to get approved on basis of a really high deposit (as its a one bed!) please go easy on me - this is new to me! I also have the option of my dad as a guarantor- would this ever be acceptable?

    Thanks in advance for any pointers :)


Comments

  • #2
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,002 ✭✭✭handlemaster


    It is a one bed . And will be when you buy. Turning it into a two bed is pure speculation.


  • #3
    L1011
    Registered Users, Registered Users 2 Posts: 74,234 ✭✭✭✭L1011


    Even if the bank is willing to change the rules for that you'll need the funding to do the conversion, which will probably be the same or more than the difference in deposit. If even possible under planning rules, head lease, etc.

    Guarantors are irrelevant now.


  • #4
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,147 Mod ✭✭✭✭BryanF


    Forget it


  • #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The permission of the Management Company would be needed for the conversion. Without that, you are not even out of the starting blocks.


  • #6
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    And does the conversion even make sense? You will go from a spacious one bed apartment, to a possibly poky two-bed apartment with little living space.


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