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Mortgage RenovationsHi

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  • 25-05-2010 2:24pm
    #1
    macker999
    Closed Accounts Posts: 6 ✭


    Hi

    I am applying for a mortgage but the house we are looking at will need 30,000 worth of renovations. Are there any mortgage lenders out there that will add the cost of the renovations to the house price mortgage. I have been talking to one mortgage lender and they said to apply for a mortgage and a home loan seperately but there is no guarantee that I would get the home loan.


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    #2
    Gonzales
    Closed Accounts Posts: 314 ✭✭Gonzales


    I don't see why not so long as the mortgage (incl. renovation portion) total amount did not exceed their acceptable loan to value ratio & the value of the house after the renovations would be equal or greater than the total loan value.


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    #3
    macker999
    Closed Accounts Posts: 6 ✭macker999


    Thats what i thought but from talking to a few mortgage providers they recommend you getting a personal loan. Tut they say i might have to wait 6 months in order to get it as they want to see regular payments of my mortgage first


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    #4
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    It is going to be difficult. It all comes down to loan to value ratios. If you are borrowing 905 of the purchase price you have no chance.


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    #5
    macker999
    Closed Accounts Posts: 6 ✭macker999


    I am a first time buyer and a 35 year term is available for me. If i got a 90% mortgage instaed of a 92% would i have a better chance ?


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