Top up on mortgage after 6 months

M

moesha

Registered User
Messages
48
Hi,

Im wondering if anybody can help me. We drew down a mortgage last October and we have now decided to top up to get some essential work carried out on our property. The work will cost approx 30k. We bought our house for €390k and have a mortage of €228k. WE got the usual life assurance for the 228k. So will we have to get the LA changed just coz we want a top up?

Thanks in advance
 
Last edited:
moesha said:
The work will cost approx 30k. We bought our house for €390k and have a mortage of €228k.
Click to expand...
That suggests that even with the topup your LTV (Loan To Value) ratio would be c. 66% which is a good sign. If the lender feels that a total loan of €258K would be within your means to service then there should not be any problem I guess?
WE got the usual life assurance for the 228k. So will we have to get the LA changed just coz we want a top up?
Click to expand...
You will need additional or replacement cover to cover the new total amount. Shop around for mortgage protection life assurance and don't necessarily take it from your lender.
 
Probably. The life assurance is for the amount owed on the mortgage. If you up the mortgage, the life assurance cover will need to be upped. Also have you checked that you can top up? We did it about a 3 years into ours. We were with PTSB and they'd only top up to something like 80% of the value of the house. Thankfully ours had increased enough. At the moment they're advertising up to 92% but the min top up is 40k. So that depends on your lender. But we did still have to pay for a valuation - anything up to about €150. And we did have to up the life assurance.


Crossed with clubman
 
Im just curious about something here - will the lender give a top up after less than six months payments into a new mortgage? I drew down a mortgage the end of September and I also want to top up. Should I approach them yet? My LTV would be about 49%. Thanks.
 
If they think that you can afford to service the larger debt then they will give it to you.
 
thanks for the replies guys ;) . when we got this mortgage they made us feel like we were lucky to be getting it thats why im a bit anxious going for a top up. Between both uf us we earn up to €90k. I rang the bank enquiring the other day about a top up and they said our mortgage has to be drawn down at least 6 months before we can top up. Which means it will be April before we can apply for a top up.

After posting this morning we have thought more about this and would it be worth our efforts to change lenders altogether. So we have contacted a broker and just waiting on them to get back to us.

BTW a can of coke for who can guess out current lenders????
 
Do let us know what kind of result you get from the broker (i.e. who gives the best rates!). We're also thinking of topping up to enable an small extension and therefore thinking about changing mortgage provider.

Looking forward to hear how you get on.
 
You must log in or register to reply here.
Back
Top