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Mortgage Top-Up

  • 16-03-2017 10:13pm
    #1
    Flynn17
    Closed Accounts Posts: 13 ✭


    Hi I was wondering if anyone can give me some advice on Mortgage Top-Ups. I have a house in negative equity which which is a rental property. We are living in our family home which is almost 40yrs old & in need of quite a lot of work: new kitchen, new plumbing & extension. Would AIB grant us a top-up loan on our rental property for this? We have tried to get a negative equity trade up mortgage but have been turned down. Can anyone give me advice or suggestions on what we can do.


Comments

  • #2
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,501 Mod ✭✭✭✭Cabaal


    So you have a buy to rent property that's in negative equity that you want to remortgage?


  • #3
    Flynn17
    Closed Accounts Posts: 13 ✭Flynn17


    It is a rental property but mortgage on it is not a buy to let mortgage. The home was originally our family home.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    You will not be able to top up the mortgage on a house in negative equity as there is no surplus equity to secure the extra lending on.

    What's the story with the house you are trying to renovate? Is there a mortgage on that too, is it in negative equity as well?


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You need to apply for a mortgage on your private dwelling house for the home improvements.


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