Mortgage top up

I bought a house 3yrs ago, no problems, engineers report was all good. As time went by problems emerged with the chimneys. The fireplaces were plastered over and to put it simply there's dampness and the chimneys need to be removed and rebuilt. Got a quote for 30,000 to repair it. I'm with IIB, would a mortgage top-up be the best way to go ? By the way beware engineer's reports they're shambolic, apparently very few go up into the attic and simply write on the report "inaccessable" - ever heard of taking a ladder to a house !!!!

Your options are to get a top-up with IIB or re-mortgage with another lender. You would need to post the following information to get a response re which is better: -

• Current value of property
• Is it your home?
• Amount outstanding on mortgage at present?
• Interest rate you're currently on?

Value Approx. 190,000
Yes, my home
Approx. 150,000 left to pay
Interest is 5.1 % fixed 5yr, as far as I can remember

Looks like refinancing with another lender is not an option as you will incur breakage fees due to the rate being fixed.

You could apply to IIB for a top-up, but you're working with tight margins, as the LTV will be €180k against €190k = 95% - too high.

J

Would house insurance cover this?

Surely you should have some way of getting compensation from the person who did the survey? Was it just a valuation survey or was it a proper structural survey? If the person who did the survey has indemnity insurance - you could claim from them for the fact that they missed the problems. It could be worth following up - maybe someoone else on here would know more about it - or maybe you could talk to a solicitor?

It was a proper structural survey. I've been told by two separate sources that I could go down the avenue of a solicitor but it could be very expensive and there's no guarantee of a result. Most engineers have themselves pretty well covered. I also got an independant insurance assessor out to have a look at it and it seems that it's highly unlikely that house insurance would cover it as it's not storm or fire damage and it's not a structural fault. Every avenue seems like a dead end.

Were the chimneys mentioned in the survey specifically - either included or specifically excluded? Were any problems mentioned at all in the survey?
Is the person who did the survey a member of Society of Chartered Surveyors (01-6765500) or something similar? Have you been in touch with the surveyor ? What was their response? Did they have Professional Indemnity Insurance cover?
If they had this insurance - their policy should cover some or all of your costs if a problem emerges with your property in the future and if the surveyor missed it when the survey was carried out.

It doesn't mention the chimneys, it simply says that the attic was inaccessable, which I think is outrageous. There were no real problems noted in the survey. Apparently most engineers don't bbother going into the attic, you'd think it'd be compulsory. Yes I think they are members of that society and he does have indemnity insurance. I'll have to go talk to him and see what his response will be. I don't have much expectations though. To be honest I don't think he surveyed it at all. The report was a photocopy of a previous one he had done on the house, I know this because the solicitor had a copy of it before I gave it to him. I think the guy selling it had him survey it. He just changed the date on the sheet. Incredible, eh.

Good Luck with it - don't let them fob you off. If you get no joy go to the Society of Chartered Surveyors (if he is a member.) You can check here