Hi All,
Posting this here, hopefully the correct place. We have recently traded up and purchased a new home. We borrowed €368k for this, slightly under the maximum we could have borrowed, knowing that the house will need some work done. From the sale we have a surplus of €20k which is in our savings account. We have been quoted €80k from a builder to complete the work we need. I had initially thought we had 2 options –
I’d appreciate people’s views and experience of this.
Thanks
Posting this here, hopefully the correct place. We have recently traded up and purchased a new home. We borrowed €368k for this, slightly under the maximum we could have borrowed, knowing that the house will need some work done. From the sale we have a surplus of €20k which is in our savings account. We have been quoted €80k from a builder to complete the work we need. I had initially thought we had 2 options –
- Take a 6 month moratorium from our mortgage, save an additional €15k and then get a home improvement loan of €45k over 10 years.
- Get a top of mortgage of €45k based on option 1 above – however, would we get a top up so soon into our mortgage term, considering the fact that we are taking a moratorium also?
I’d appreciate people’s views and experience of this.
Thanks