Looking for some advice on a mortgage top-up v remortgage. I bought a second hand property two years ago for €180,000.For this I recieved a mortgage of €100,000 and a loan from my parents of €80,000.
The house was in need of some repair so about €30,000 worth of upgrades were made to sort out the house.It was supposed to be an investment and be rented out. However circumstances changed between the partner and I(for the better) and we moved into the house.
Now we wish to carry out some more improvements ie build a garage and extend the drive.Also looking to pay my parents back a lump sum so overall looking for about 60,000-70,000.
Would it be more advisable to top-up with existing provider or look for a brand new mortgage? Since everything was in my name from day one if anything were to happen between my partner and I, she wouldnt have a leg to stand on. What is the procedure here? Would we have no choice but to remortgage to get her name specified on the house/mortgage?
Also how much would solictors cost for this procedure alone if we went down the Top-up route or would they be involved anyway
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Would this change in the mortgage affect the intrest relief. Would it be better to wait untill we get married ?
That wont be too far away as we are heading to Rome soon where I will ask her to marry me !!
I know before anyone says it...another good man gone !!
I know alot of questions but any advice appreciated as I would like some ammuntion if/when I go to BOI(my current provider)with any proposals...
Thanks