Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage top up or not?

Options
  • 10-05-2013 10:48am
    #1
    Rushy Fields
    Registered Users Posts: 222 ✭✭


    Hi, New to this forum. Just wondering would it be advisable to go back to the bank for a top - up on my 220k mortgage. Im Guessing i will need another 30k to kit out the house. Should i use what savings i have or should i go back to the bank? i have 20 k and oh has 20k in savings. Is it very difficult to get top up in this climate?
    Any words of wisdom is welcomed.


Comments

  • Options
    #2
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    I don't think the banks are giving out mortgage top up's.
    If you both have €20k each in savings you should use some of this money to kit out your house. Also I would have a budget of €20k to kit out your house.
    Having that €20k in savings would be a help if anything unexpected happens to either of you in the future or it could give your oh a chance to have a longer maternity leave if you have a child at a later date.
    I know several people who brought homes in the past few years.
    They decided to have the kitchen, sitting room, bedroom and bathroom ready when they moved into the house. After this they saved some money and did the rest of the house and outside as finances allowed when still keeping there savings intact.

    I know that anyone that moved into a house priced everything in several place before they bought items.
    Among the places they found good value was http://www.samsyerman.co.uk - for electrical items ( based in Belfast, have prices in euros and will deliver anywhere in Ireland)
    http://www.bigmickey.ie - for beds, bedroom furniture ect.


    For a nice sitting room sofas, chairs ect I would have a look at www.finlinefurniture.ie. They have a factory showroom in New Inn, Emo, Portlaoise. There furniture is top quality and you have a will have a large choice of coverings for sofas,ect. I know several people who brought sofas here and 10 to 20 years later they are still in good condition.


  • Options
    #3
    ted1
    Registered Users Posts: 23,516 ✭✭✭✭ted1


    What's the LTV of the property?

    What intrest rate are you paying v intrest you could earn on deposit, what's the NPV of both?

    What size house is it? What work needs to be done? 30k fit out is a lot, unless your going for top grade.

    Basically a bank won't give you more than the value if the house or above. 90% of the value.

    Spending 30k on the house may not increase its value by more than 25k


Advertisement