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Mortgage top up for house renovation question

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  • 04-06-2017 12:03pm
    #1
    drewmichael
    Registered Users Posts: 12 ✭


    Do you know if getting a mortgage top up to build an extension and landscape the gardens do the banks also cover the cost of the 'appliances'.

    For example, we are looking to build an extension to the kitchen to make it a kitchen/dining area but on top of the structural work we'd obviously need things like new fridge, sofa, dishwasher, etc. And in the garden things like garden furniture.
    Am I right to assume all of the extras will need to be funded by ourselves outside of the loan provided for extension?


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    #2
    notharrypotter
    Closed Accounts Posts: 1,112 ✭✭✭notharrypotter


    what is the expected life of a dishwasher?
    over what timeframe will you be repaying the new mortgage?
    chances are you would still be paying for the white goods long after they have rusted away.


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    #3
    drewmichael
    Registered Users Posts: 12 ✭drewmichael


    notharrypotter wrote: »
    what is the expected life of a dishwasher?
    over what timeframe will you be repaying the new mortgage?
    chances are you would still be paying for the white goods long after they have rusted away.

    Well we would be looking to pay off the total mortgage within 10-15 years (about 210000 loan with the top up.
    I get the point though, something to consider.


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    #4
    LincolnHawk
    Registered Users Posts: 364 ✭✭LincolnHawk


    This is the mindset that fueled the last bubble.


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    #5
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    I was in the situation myself a while ago to see a lovely house with a very small kitchen that had a huge potential once it would have been extended. In the end this was the reason why I walked away.
    In my opinion don't go for a house that needs an extension, but buy what suits you currently and go from there. What if the bank says no and you're stuck with something that doesn't suit your needs because you counted on a yes from the bank and you now have a shoebox kitchen? What if the survey says there is other major work that would have to be prioritized?

    Buy something that suits you and you can easily live in there for a while without extension. Bring the place up to standard and furnish it and go from there. Imo what you're planning is just very risky.


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    #6
    machalla
    Registered Users Posts: 1,523 ✭✭✭machalla


    drewmichael wrote: »
    Do you know if getting a mortgage top up to build an extension and landscape the gardens do the banks also cover the cost of the 'appliances'.

    For example, we are looking to build an extension to the kitchen to make it a kitchen/dining area but on top of the structural work we'd obviously need things like new fridge, sofa, dishwasher, etc. And in the garden things like garden furniture.
    Am I right to assume all of the extras will need to be funded by ourselves outside of the loan provided for extension?

    As far as I know you need to add value to the property for the bank to consider the proposal. I would not think appliances typically qualify unless they are of such a high standard that they "enhance" the property value in some significant way.

    The simplest answer is to check with whatever bank it is. They may suggest a personal loan for the non-structural items.


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