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Moving Home

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  • 11-09-2019 4:56pm
    #1
    carbuyer01
    Registered Users Posts: 74 ✭✭


    Hey guys.

    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
    peachypyro
    Registered Users Posts: 37 ✭peachypyro


    I'm not renovating but recently have taken out a mortgage myself.
    From my understanding of it, you can arrange to drawdown stage payments with your mortgage provider.
    Don't be too anxious, they will go through all the information you need and will answer any questions you have. If you'er anything like me, you will have plenty!


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    #3
    Mitch Connor
    Registered Users Posts: 45,150 ✭✭✭✭Mitch Connor


    carbuyer01 wrote: »
    Hey guys.

    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 would depend on the amount you want, and the terms you are looking for. It wouldn't be automatically classed as one or the other - it depends on how you want, or need, to structure the loan.

    A loan would be one payment.
    A mortgage would be staged based on certain milestones of the project.


  • Options
    #4
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    carbuyer01 wrote: »
    Hey guys.

    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

    Mortgage would be the best option, home improvement loan would be too expensive, mortgage rates would be far better.

    They bank would normally allow drawdown in stage payments with supervising architect/engineer to confirm each stage complete and within planning permissions etc.


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