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Stretching Mortgage

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  • 20-01-2006 10:17am
    #1
    BuilderBob
    Registered Users Posts: 63 ✭✭


    Anyone got any suggestions on how to get some extra on your mortgage in order to help with doing up a property.
    Not 1st time buyers so what hard cash we have will go on stamp and deposit.
    Would need an extra 25 to 30K as house been empty for quite some time.
    Is it possible to include such things in a mortgage.
    Any/all advice appreciated


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    #2
    Dubhelp
    Closed Accounts Posts: 70 ✭✭Dubhelp


    When did you buy the house? If you haven't already released quity the banks should allow the 80/20 rule with you. That means you can borrow up to 80% of what the total asset of you house is worth i.e you buy at 300K house now 400K Bank would release another 40K as then you loan is 80% of the overall asset.

    Its a gamble but thats the kinda risk you gotta take. Also if you can switch to interest only for a year and put the extra cash into the stock market as it should be a bumper year for some companies with the release of SSIA...try the banks safe and give a dividend.


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    #3
    BuilderBob
    Registered Users Posts: 63 ✭✭BuilderBob


    No. About to purchase property but most of cash will go on stamp and deposit. Need some extra cash to do up property and looking to see how to arrange same.
    Thanks


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    #4
    Dubhelp
    Closed Accounts Posts: 70 ✭✭Dubhelp


    Dangerous by then if you ask me


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