Mortgage top up for mobile home?

FledNanders

Thinking of buying a mobile home in a holiday park in Wexford in a couple of year's time once the kids are a bit older.

Just wondering is it possible to use a top up on our mortgage to pay for this?

Had a look on a few bank websites and they all seem to say that mortgage top ups can only be used for home renovations or education costs. Is this right?

We have about 200k equity in the house at the moment, and we'd probably look to top up by about 50k.

Can't get on to live chat with AIB at the moment, and can't be bothered with the phonecall rigmarole!

cld9

Hi,

I know it’s been a while but I’m just wondering did you ever get an answer for this?

Thanks!

SharkMX

They really dont care what you want the top up for as long as they believe you are able to pay it pack. Just tell them its for home renovations and they'll give it to you. Once you have enough equity you can get a loan for anything.

SteM

https://www.boards.ie/discussion/comment/122189042#Comment_122189042

If they don't care then why not just tell them what it's for then?

Jim2007

https://www.boards.ie/discussion/comment/122189042#Comment_122189042

https://www.boards.ie/discussion/comment/122189060#Comment_122189060

That is because we do care. Never falsify a loan application, the loans officers are far more experienced than you at this game and they may just ask you to provide documentation to support your spend and depending on how that goes the loan might crystalise meaning it becomes payable on demand or possibly even more serious problems for you.

SteM

https://www.boards.ie/discussion/comment/122189876#Comment_122189876

Of course, it was ridiculous advice.

Jim2007

https://www.boards.ie/discussion/comment/122190047#Comment_122190047

Well "ridiculous" is not the phrase I would use… but any way…

The thing about statistics is the they are useless when things go wrong and you the one that it did not come off for. If a loan crystallizes it becomes payable on demand and you can expect the demand will come very quickly. And if you can't pay you will have to find a new lender and the very first question they'll want to know is why did the first loan crystalise… explaining that you tried to deceive the previous lender is not going to win you any brownie points, so the best you can expect is a new loan at a much more expensive rate or most likely no lender will wanting to deal with you.