Using Mortgage for improvements?

G

giftgrub

Guest
Hi

We're first time buyers and are wondering if its possible to get a larger mortgage than the actual purchase price of the house for improvements

So for example if the cost of the house is 300k can we borrow 350 to do the place up?

I have been told that you can only borrow the cost of the house if you're a FTB

Cheers
 
Oh dear! I'm afraid you have not really been paying attention to what is happening in the world today! There is a big recession, people are losing their jobs and some people cannot repay their loans so the banks are very nervous about lending money on property, when that money is not absolutely secured

There is absolutely 100% NO WAY a Bank will entertain you for any loan whatsoever for more than about 85-90% of the actual value/price of the property.

mf
 
TSB told me yesterday that if i wanted that they'd give me money for the extimated value of the house afterwards.
Butit seems a bit vague. If i get a house for 170k, do it up for 50k, but will it it actually be worth 220k and will they give it all to me? Talk is cheap.
 
Hi Giftgrub!
Under no circumstances will any bank lend you the money to do that. they may have 2 years ago but not now. If you want to do that take out a personal loan with the same bank after you have bought the house.
if you do get it from a bank let me know.
The highest Loan to value you will get is 92% with AIB for a first time buyer 2.99% 1 year fixed.
Mike
www.lifeireland.ie
 
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