Mortgage Top_ups

I

Ivers57

Registered User
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Couple of questions in relation to Mortgage top-ups.
1.) Are you able to apply for TRS on the amount of interest paid on your top-up?
2.) Does the amount you borrow affect your LTV?
 
1. That depends on what you are using the top up for-if it is for home improvements etc. then yes.
2. Of course.
 
Re Decorating is a house improvement. What sort of proof would i need to show how much i spent on home improvements, does that also cover furniture. Also if you were to pay off a loan that you had borrowed to use as a deposit to purchase the house in the first case, can you also then claim TRS on that money.

Thanks
 
Dont think it matters at all what you want the top up for, the banks will throw money at you at the moment.

We got ours to put towards buying a site and they didn't even want to know what we wanted to do with the money.

TRS dept were very helpful, again they are only concerned with your mortgage payment, not what you do with the money.

Good luck,
 
There will probably be a section on your top up application where you have to give a breakdown of what you require the funds for. This usually determines the TRS that you qualify for. Some lenders just release the money and it then up to the clients whether or not they spend it as they had outlined, while others may look for invoices as evidence.
 
I intend to apply for TRS on the full value of my loan even though the topup portion will not be used for any home improvements.
 
Hi,

We got a top up mortgage 3 years ago PTSB and it did say
that you could only get TRS on the amount used for home
improvements and that you should hold on to receipts
in case of audit.
Read the small print just in case.

SISSOKO.
 
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