Hi all,
my partner and I will hopefully be purchasing our first home in forthcoming months. Sale price on the property is significantly below our mortgage stress threshold.
Property requires immediate improvements, to the tune of approx 70k. (Septic tank, windows, dry lining, rebuilding of an extension etc). We have been advised by local bank that this would be approved under 'home improvements' and to remortgage for the amount needed. This is ideal for us and we have the 25% of the 70k in order to qualify for same.
Our issue is that the works are needed immediately to be able to live there.
Does anyone know / have experience of the time delay (if any) between drawing down mortgage as first time buyers and then remortgaging for home improvements? AIB bank.
We are still waiting on confirmed answer before we proceed.
The value of the property will still be worth more than the remortgaged amount, even accounting for current property trends locally.
Thought and opinions appreicated, thanks...
my partner and I will hopefully be purchasing our first home in forthcoming months. Sale price on the property is significantly below our mortgage stress threshold.
Property requires immediate improvements, to the tune of approx 70k. (Septic tank, windows, dry lining, rebuilding of an extension etc). We have been advised by local bank that this would be approved under 'home improvements' and to remortgage for the amount needed. This is ideal for us and we have the 25% of the 70k in order to qualify for same.
Our issue is that the works are needed immediately to be able to live there.
Does anyone know / have experience of the time delay (if any) between drawing down mortgage as first time buyers and then remortgaging for home improvements? AIB bank.
We are still waiting on confirmed answer before we proceed.
The value of the property will still be worth more than the remortgaged amount, even accounting for current property trends locally.
Thought and opinions appreicated, thanks...