Top-up on mortgage

G

gossipgirl

Guest
Would appreciate any advice offered on the following:
Have a mortgage and need to top it up for neccesary work on the house.
at present am on a tracker mortgage that is .25% above the ecb.
I got the application form today and to me it seems like I need to apply for a whole new mortgage which is not what I want at all and I'm afraid if I proceed with the matter, I'll end up with a different mortgage than the one I initially agreed to. Just wondering if anyone has any experience in this matter.
Thanks.
 
Which lender is it with?
I doubt very much that your rate is ecb plus 0.25%
You should be able to get a top up without affecting the rate of your main mortgage. In effect you are applying for a second , smaller mortgage.
 
The lender is AIB and I'm almost positive it's 0.25% but I'll dig out the info and check.
 
also when it comes to the top up make sure you have enough equity built up.

the number of people that reckon the can get a top up and relise that loan to value restraints wont allow this is increasing dramatically
 
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