Hi, self and wife are about to undertake a house renovation. Have sufficient savings for the majority of the the work but are considering the possibility of a remortgage for an extra €20k to ensure completion such as furnishing, finishes and landscaping.
My current mortgage balance is €127k with 21 years remaining and it is IN MY NAME ONLY. Renovations on house should leave it valued at in excess of €250k after completion.
Questions:
Should we consider a remortgage to secure the extra €20k?
Could/should I add my wifes name to the mortgage during this process?
Would it be better for example to
1. Merely change the title deeds of the house to include both or names?
2. Change the mortgage details to both our names?
3. Merely have my will reflect our joint interest in the house and the presumption that full title would automatically transfer to her if anything were to happen to me.
4. Apply for a separate home improvement loan for the 20k? (We were figuring it should be easier to top up the mortgage because of the proportionate sum involved and the fact that we have an architect to sign off on it for us)
5. What kind of cost are involved approximately for a simple change of title and mortgage details?
6. Are there any likely tax benefits to be gained by a remortgage i.e extension of tax relief or use of wifes 7 years or tax relief as a FTB add on?
My current mortgage balance is €127k with 21 years remaining and it is IN MY NAME ONLY. Renovations on house should leave it valued at in excess of €250k after completion.
Questions:
Should we consider a remortgage to secure the extra €20k?
Could/should I add my wifes name to the mortgage during this process?
Would it be better for example to
1. Merely change the title deeds of the house to include both or names?
2. Change the mortgage details to both our names?
3. Merely have my will reflect our joint interest in the house and the presumption that full title would automatically transfer to her if anything were to happen to me.
4. Apply for a separate home improvement loan for the 20k? (We were figuring it should be easier to top up the mortgage because of the proportionate sum involved and the fact that we have an architect to sign off on it for us)
5. What kind of cost are involved approximately for a simple change of title and mortgage details?
6. Are there any likely tax benefits to be gained by a remortgage i.e extension of tax relief or use of wifes 7 years or tax relief as a FTB add on?
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