Mortgage and money for finishing.

K

Kitekat

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Hi there. I am interesting in buying a new house but it is not finished inside i.e. no floor coverings, kitchen, fireplaces etc. I have savings which will cover the deposit for the mortgage but don't have the money to finish the house which would take about 30,000 euros. If I was to get a loan from the credit union for this - would I then be able to remortgage the house to pay off this loan whenever the work on the house is complete?
 
There's little appetite in the banks for re-mortgaging for any purposes these days I'm afraid. I'd only do it if you can afford to pay the loan back at CU rates.
 
I suppose I'm a bit surprised at the question....being from the generation which bought a bed and a cooker, and gradually added the rest. Started off with gifts of furniture from people - stuff they didn't want - and second hand stuff, gradually repaced with stuff we liked as the money was available. But we didn't want to be in debt (apart from mortgage!) and interest rates were very high at the time. Yes, we ate our dinner sitting on the bed for a couple of months!
 
Make a list of everything you need to buy / have done , get an approx cost for the whole lot , and start triaging !! As the previous poster says as much as it would be great to have everything straight away , theres no point getting into debt for it .

Gradually go through the list and eventually you will come away knowing what essentials you must have, plus take help from friends / family who offer painting services , know how to lay floors , have a suite of furniture theyre getting rid of ( it may not be to your taste but it wont be forever ) etc etc .

Bear in mind the cost of repaying your 30k CU loan on top of your mortgage repayments , repayments on a eg - 10k loan would be more manageable, you'd have you the essentials done.

Make sure you have something to cook with , sit on , sleep on - if you really think about it the paint , tiles, wooden floors , blinds etc etc are not absolutely essential .

Very best of luck !
 
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