Costs that can be covered under mortgage top-up

J

Joe Smith

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Hey there,
I want to get a few changes made to our house. We orignally wnated a small extension but with the high costs on materials, I've been advised to hold off. If anyone thinks prices aren't really ever going to come back down a bit -- pleas advise.

Anyway, theere are some other bits we would like to get done like getting windows replaced and getting the roof re-done. I know and appreciate that banks don't give money for trivial stuff like the old days.

Does anyone know if getting a roof re-donee and windows replaced is acceeptable by the banks as an eligible cost for a mortgage top up? I spoke to my bank (took ages to get through) and all they could tell me whas that a bank looks for estimages from an engineer before approving the top-up. That seems sensible for a full extension, but effectivly that would mean that top-up can't be used for windows and roof since it would give me a big extrra cost to pay for an engineer just for windows and roof work.

We have a good LTV at the moment (35%)

Thanks
 
Are you trying to topup your existing mortgage or remortgage with a different bank?
 
I'm with AIB at the moment and I was happy enough to go with them for the top up since they brought down their fixed rates. I've no problem with switching though. If anyone thought that other banks make it easier to get sums for this sort of rennovation work, then I'd be happy to look at them.

AIB have the green loan at 6.4% but that still feels way too expensive.
 
I would have thought AIB would lend for this purpose. Their broker offering, Haven, do. Make sure you tell them it will improve the BER rating of the house. Ask for an appointment with a mortgage advisor.

You'll need written quotes for the work you're doing, a valuation before and after, and a BER cert to avail of the Green rates. I think you'll be able to skip the engineer part given no planning is needed - builder quotes will be more accurate.

Just prepare yourself for the high prices and delays at the moment!
 
Thanks for the advice -- I'll look for an appointment with a mortgage advisor.

Yeah, it really feels like now is not the time to get anything done.
 
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