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Selling, renovating

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  • 11-09-2019 4:59pm
    #1
    carbuyer01
    Registered Users Posts: 74 ✭✭


    Any help here appreciated

    So we are in a position where are renovating a property and extending it. We've just got our planning in. We are putting our other property on the market to fund the works.

    As its home improvement and an extension, are we getting a mortgage again or would this come under a loan. If so, how are the payments made, i presume stage payments.

    I know its better to meet our mortgage adviser but the next meeting is the end of next week so just anxious to have some opinions here.

    Thanks


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    #2
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    carbuyer01 wrote: »
    Any help here appreciated

    So we are in a position where are renovating a property and extending it. We've just got our planning in. We are putting our other property on the market to fund the works.

    As its home improvement and an extension, are we getting a mortgage again or would this come under a loan. If so, how are the payments made, i presume stage payments.

    I know its better to meet our mortgage adviser but the next meeting is the end of next week so just anxious to have some opinions here.

    Thanks

    It totally depends on what you want from the bank.

    You could get a mortgage. Obviously the house is then at risk of you don't make repayments. Upside is better interest rate.

    You could get a loan, higher interest rates but the house isn't at direct risk.


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