Top Up Loan?

[HappyA]

Hi
We need to borrow 100k to pay off other loans and are wondering if the bank will allow us to increase our mortgage?
Will they allow you to do this or do you only get a top up mortgage if you are investing the money in your home?
Has anyone any experience of advise?
Thanks
A.

 

[Bonafide]

Some banks are still engaging in debt consolidation. Your own bank may consider this if the other debts you have are with them. The main banks at the moment seem to be reluctant to take on other institutions debts.

From what I have read on this and other forums, you will find that of those still engaging in debt consolidation they will only let you top up to 70% or 75% of the current value of the property. I think your best bets are:

Halifax (HBOS) - best rates
ICS (part of BOI)
Perm. TSB
KBC (formerly IBB Homeloans)

Have you considered options other than topping up?

If you post the details in the Money Makeover section other posters may have a different viewpoint on your options.

 

[HappyA]

Hi there
Thanks for response. The mortgage is with AIB for 400k - we just finished building. An overdraft is with AIB but the other loans are for machinery and are with HP companies. I will post as suggested.

Thanks again