increasing mortgage

[Eve1]

We are building a house and have now realised that we need a further €30,000 to complete it the way we want to. We only borrowed 60% of the build originally. Theoretically is it possible to increase the loan at the end of the build if we begin to run out of cash? We are with Permanent TSB who have been very unhelpful so far.

Eve

 

[LDFerguson]

Yes, provided that

(a) your incomes support the increased amount, according to PTSB's guidelines,
(b) the Loan to Value % isn't increased substantially and
(c) you can get your architect / engineer to document why the cost over-runs occurred and that the €30,000 will definitely be the final sum required.

Liam D Ferguson
www.ferga.com

 

[Eve1]

Thanks for that Liam, P.Tsb moved so slowly that everything has increased so much from our original quotes that even though we haven't started the build I know we will be over budget

Eve