Remortgage/Top up mortgage

B

Bambo

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Im taking out a new mortgage on a new property. I am getting a good deal on the property and it is estimated it is worth a bit more than what its selling for. I would also hope that in 6 months time the value would have gone up considerably as its a good location just 35 mins from the city, yet with the benifits of country living.

I have a bit of a plan, but would like some advice. I am hoping to open a cattery on the land, we have nearly an acre. I am a trained veterinary nurse and qualified in animal care.

I would need about 20,000 - 30,000 to set-up. Can you remortgage your house for business purposes??
 
You can remortgage your house for home improvements. Once the funds have been released into your account....you can do what ever you want with it. :)
 
MortgageBrkr said:
You can remortgage your house for home improvements. Once the funds have been released into your account....you can do what ever you want with it. :)
Click to expand...

Is that not tax evasion? Remortgaging your house for "home improvements" would mean that that amount would be eligable for TRS. If you were to use this money for anything other than home improvements you would then be defrauding the state and liable for prosecution down the line.
 
you need to separately complete a TRS deduction form where you would need to declare whether the mortgage was for home improvement.
mortgages ARE NOT confined to home improvements
 
It will depend on the house value, your income (are you going to give up work to run the business?), any other debts, etc, etc. Generally you can borrow/top up to 80% of the property value without having to give a specific reason however if you are going to be running a business from your home you would need to let the lender know for insurance purposes. Also wouldn't you need planning permission to build a cattery?

Please post more details for more detailed replies.

Sarah

www.rea.ie
 
Sara,

I have checked with the planning dept and I dont require planning for my particular design.
Income shouldnt be a problem, as I dont work many hours but still make a decent salary, I dont need to give up my job in order to run this business.

Im not worried about being approved for it financially - both our salaries have increased significantly in the past month - I am more worried about being approved the top up for the purpose.
 
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