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Mortgage question

  • 21-06-2009 3:09pm
    #1
    handzy
    Registered Users Posts: 28 ✭


    Hi all,

    I got passed for a mortgage of 150k but im using only 140k, can i still ask for the full 150k with the 8% deposit so i can do the house up afterwards?? dont want to bank yet incase they say no and i look silly...:o

    thanks


Comments

  • #2
    Pablod
    Registered Users, Registered Users 2 Posts: 489 ✭✭Pablod


    as far as I know (Could be wrong) you will only get it based on the 92% of the value of the house. so technically you wont be able to get 150 if 140 is 92% of the property
    Hope this helps,


  • #3
    handzy
    Registered Users Posts: 28 ✭handzy


    well they were giving us 150 as the 92% we just got lucky finding somewhere cheaper..


  • #4
    ntlbell
    Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭ntlbell


    in previous time's they often asked people if they wanted an extra few quid to do up the house etc

    but you could always you know..

    ask them..


  • #5
    jeepers101
    Registered Users, Registered Users 2 Posts: 707 ✭✭✭jeepers101


    They'll only give you 92% of either the sale price or the valuation, whichever is lower


  • #6
    The_Chopper
    Registered Users Posts: 2,049 ✭✭✭The_Chopper


    With AIB they'll 100% only give you 92% of the value of the property up to 150k. I think BOI are slightly more generous


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  • #7
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    handzy wrote: »
    well they were giving us 150 as the 92% we just got lucky finding somewhere cheaper..
    The mortgage is given on the property. The amount you get will depend on the value of the property. You may be willing to pay 140k for the property but if bank only value it at 120k then it is 92% of 120k that you will get. You are very unlikely to get any extra unless you can show that the money you spend on the property will significantly increase its value.


  • #8
    handzy
    Registered Users Posts: 28 ✭handzy


    Hi guys, we didnt get it but its no big deal. Have to say ebs were quick wit approval. At least we got the mortgage. Im happy.


  • #9
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    handzy, think about it this way
    You wold have had a mortgate there fro say 20 to 30 years. the ten grand extra to do up the house would go on beds, sofas, table chairs, paint carpet etc.
    Would you have borrowed the extra money to buy these things over te same term as the mortgage length, or over a much shorter length? like if your sofa wore out in 15 years and you're still paying the loan back up to 15 years later ( on a 30 year mortgage...)


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