Re-mortgage First tIme Buyer

D

Dna

Guest
How soon can i re-mortgage? I've recently bought a property in need of a lot of refurbishment. My buget is diminishing very quickly and have had a few unforeseen costs along the way. im really new to this and am first time buyer but i read somewhere that you can remortgage for renovations now the house is nearly finished but the money i had put aside for new double glaze doors and windows is no more so id be lookin to remortgage for around 10k but i don't know how any of this works and im really lookin for some advice before i go any further.

thanks
 
Im with AIB, we purchased for 225k got 92%morg. which 216k only just started paying it.

Now we still not living in it yet, but we got it full rewire, re plumb and new gas central heating (new boiler, hot water cyclinder and tank in attic).
Baton out and slab more or less whole house hid all wires and pipes new fitted kitchen, new bathroom.

previously had no insulation whatsoever, we have insulated the attic, walls and ceilings.

id say the house should now be worth a bit more now but initially insured for 200k
do i need to get it re-valued excuse my ignorance in all this but im pretty clueless to how this works. i'd really like to borrow another 10k to finish the job before we get in, so would it be possible
 
Have you approached AIB for a top up? You usually have to wait 6 months from drawdown of the original mortgage to do so.

I think you may struggle to switch lenders though, you would need to have your house valued at 270k in order for your total loan to value to be 80%, this is the maximum loan to value for another lender to allow you to switch.
 
oh no im not looking to swith lenders, just wanted some advice about getting the loan. i haven't tried them yet i'll give them a buzz and talk to them can't do anyharm.
thanks for your input
 
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