it appears that the bank does not agree and is poised to refuse my mortgage application
The house is on about half an acre 20 mins from Cork City centre.
I have only approached AIB at this point but now have a contact through a work colleague in BOI and have a more favourable second opinion.Hi Fergus
You say "the bank". Have you approached only one lender? If so, which one?
It does seem odd that they would not give you €200k on a house which is already worth €225k. Even if it only increases the value to €325k, they would still have loads of equity and loads of Loan to Income cover.
I think you should be able to get the mortgage you want.
However, I am not sure why you are keeping the Aussie property? It doesn't really make sense for an Irish resident to hold onto a property in Australia, unless you think you might return. But if you might return, you shouldn't be spending €200k on improvements to a house in Ireland.
Brendan
The house is adjacent the family farm but it's certainly a very separate site with its own seperately fenced land, gate driveway etc. It's 500 metres from the farmyard and any very agricultural activities. The agent who valued it for us at the time of sale felt that the site was quite private and that the proximity to the farm would not impact at all on its value.Is this a completely separate site or is beside your parents' home?
Lenders have been burnt trying to repossess and later sell homes which are next door to the parents. I wonder if that might be the real reason.
Brendan
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