Top- Up Mortgage?

[Jess11]

We have a house worth about €590 thousand, with a mortgage of about €100thousand. We have just got planning permission to build a house on our corner site. We will sell the house we are living in and move into the new house. We need to borrow about €300 thousand to build.
Should we look for a top-up on our present mortgage? Our present mortgage is with IIB and some friends said to look around before we top-up with IIB as there is better value out there. Didn't seem to know where though!
Can we move our present mortgage of €100 thousand and get an extra €300 thousand with a different institution without too much hassle? Are we likely to get a mortgage of €400 thousand since our present house is worth almost €600 thousand and we are both working?
Any suggestions as to which institution has the best value at the moment.
I'm feeling bogged down in all this finance at the moment. Would really appreciate any advice. Jess

 

[euromortgage]

Firstly should you remortgage your present house you will have the benefit of a higher tax relief on your mortgage repayment. If the valuation on your house is €600 000 you should be able to borrow up to €480 0000. This however would be subject to your income and your existing level of debt.
Your first port of call would be an independent mortgage broker that can advise you on all the products on the market.