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Desperately need to complete work on my home but I can't get finance.

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  • 13-01-2014 11:40pm
    #1
    Addle
    Registered Users Posts: 4,812 ✭✭✭


    I am in such a frustrating situation and I need to resolve it asap, and I'm finding it impossible.

    I need further finance to complete home improvements (A).
    My home is in positive equity.
    My salary meets requirements.
    My problem is that I have 2 debts, mortgage (B) and a home improvement loan (C), and seemingly no bank will take them both on.

    So I need X amount. X being (A+B+C).
    If I applied for X now, just to buy a new house, I'd get it.
    It makes no sense to me.

    Any suggestions?

    I'm getting desperate.


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    I very much doubt you would get x for a new house as getting X would require you to have a deposit of 8% min which would mean you would have savings which would mean you would have no need for a home improvement loan in the first place.

    what work exactly are you needing to do desperatly? Perhaps grants etc are available, there tends to be more than one way to skin a cat.


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    #3
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    D3PO wrote: »
    there tends to be more than one way to skin a cat.
    Give me an example please?


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    #4
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    The response is like to be it depends on the breed of cat!! :) D3PO was referring to grants for certain works. So it would depend on what work you were getting done as to examples!


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    #5
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Addle wrote: »
    Give me an example please?

    maybe if you answer the question preceding the comment I could ;)


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    #6
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    D3PO wrote: »
    maybe if you answer the question preceding the comment I could ;)

    Work needs to be completed on the house to make it livable.
    I doubt there's a grant for that.


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    #7
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Addle wrote: »
    Work needs to be completed on the house to make it livable.
    I doubt there's a grant for that.

    can you go into more detail ?

    Certain things may fall under an SEAI grant others might be covered in regards to tax rebates under the new home improvement scheme.

    Don't mean to pry but if you want proper advise you need to give proper information.


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    #8
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Addle wrote: »
    Work needs to be completed on the house to make it livable.
    I doubt there's a grant for that.

    What work needs to be done to make it liveable?
    And liveable to who? Mad in define liveable.


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    #9
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Scortho wrote: »
    What work needs to be done to make it liveable?
    And liveable to who? Mad in define liveable.


    this is my point. Liveable as in needs a boiler, re-wiring etc

    or "livable" need money for new furniture, paint for the walls etc.

    For the former there maybe ways the OP can do it without needed a bank loan for the latter clearly there would not


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    #10
    Markcheese
    Registered Users Posts: 8,463 ✭✭✭Markcheese


    Talk to your credit union... Might have to do it in stages if you've no savings/loan history...
    That's how we did home improvements on ours... Bank put us through all kinds of hoops,then said no cos we gave them everything they wanted :)

    Slava ukraini 🇺🇦



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    #11
    Addle
    Registered Users Posts: 4,812 ✭✭✭Addle


    Thanks for all the replies. My frustration may be coming across in my replies.

    Old house being completey renovated.
    Contingency fund was drained due to exceptional unexpected additional work that had to be carried out.
    The house lacks any sort of plumbing/heating.
    I'm completely enabled.
    I am entitled to the sei grants for insulation and boiler, but work has to be completed (and paid for) before I can claim that.

    The credit union is my only hope, but I am already indebted to them.

    Like the last poster, did everything as advised by my bank, only for them to renage on their assurance.

    I need to be able live in my own home!


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    #12
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    thanks for the clarification. Most of the time this would be part of a mortgage application rather than a separate home renovation loan so would seem something went ary somewhere along the line ( no idea why you already have 1 home improvement loan for this property as really shouldn't have)

    When buying a doer upper that's normally the case.

    Id suggest maybe you contact Killian aka Killers1 on this forum. Hes a mortgage broker and may well be able to give you some good professional advise (free) as to how to sort this mess out.


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