Hi all
Has anyone had any experience of getting a mortgage top up for a house extension lately, particularly where negative equity is involved? Loan is with Haven
We have a 3bed with current LTV of c.105-110%.
We'd be looking to spend up to about €90k extending and be contributing up to €60k ourselves with a top up sought for the other €30k.
LTV on completion will reduce to between 80-85% (based on other sales i'd be fairly confident at the 80% mark).
with additional €30k our monthly payments would increase by about €150pm (which is roughly where they were in January 2015 before AIB/EBS/Haven SVR cuts so we've demonstrated ability to pay. Alternative is to move out term 2.5yrs and payments stay roughly same as now.
has anyone any success stories with similar applications? as it's Haven we'll be using a broker.
thanks
Has anyone had any experience of getting a mortgage top up for a house extension lately, particularly where negative equity is involved? Loan is with Haven
We have a 3bed with current LTV of c.105-110%.
We'd be looking to spend up to about €90k extending and be contributing up to €60k ourselves with a top up sought for the other €30k.
LTV on completion will reduce to between 80-85% (based on other sales i'd be fairly confident at the 80% mark).
with additional €30k our monthly payments would increase by about €150pm (which is roughly where they were in January 2015 before AIB/EBS/Haven SVR cuts so we've demonstrated ability to pay. Alternative is to move out term 2.5yrs and payments stay roughly same as now.
has anyone any success stories with similar applications? as it's Haven we'll be using a broker.
thanks