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Top Up Mortgage

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  • 17-10-2014 10:44am
    #1
    Matthew11
    Registered Users Posts: 6 ✭


    Hi

    Does anyone know how it works to Top Up a mortgage with a mortgage company?

    I have a house worth €300,000 and the mortgage already on it is €243,000

    I am looking to build a garage and finance our wedding which will cost a total of €35,000 and am wondering if this is possible?

    Any Ideas???


Comments

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    #2
    Dav
    Closed Accounts Posts: 8,840 ✭✭✭Dav


    Moved from Feeedback.


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    #3
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    You would need to ask your own bank to find out their policy on this but from my experience top ups used to be limited to 80% of the house value and that was back in the boom. You are already at that with your existing mortgage so I imagine it will be difficult if not impossible to get a top up.

    Added to that I doubt any bank will top up your mortgage to fund wedding expenses, you are looking at saving that or getting a personal loan. While I am not advocating borrowing for a wedding, if you must then a credit union is an option, if you don't have an account open you and check their lending policy.


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    #4
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    If your topping up your home loan I would imagine the Bank would need to see evidence of the costs i.e. cost to build garage I would seriously doubt they would allow a wedding loan to be added to home mortgage


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