Hi folks,
We're toying with the idea of getting some work done on the house (building over the converted garage, we're the end of a terrace) plus some external insulation / solar water heaters etc. Estimated cost well north of 50k, so would be looking to borrow. Currently on a tracker with Danske and loathe to change it. (€200k approx left, house worth 450-500k (hard to say, last equivalent house sold on this street was last year around 450k), no equivalents on myhome or daft at the moment). I've seen a few "home improvement" type loans around that are on a personal loan basis (high interest, short terms and capped at nowhere near what I'd need to borrow)
Are there any banks out there that do 2nd mortgages, or second charges on the house, or would we be looking at having to look for a new mortgage with another bank for what is needed to borrow for the work plus what's needed to redeem the tracker?
To be honest, I think I already know the answer but I thought I'd put it out to the collective wisdom of AAM
We're toying with the idea of getting some work done on the house (building over the converted garage, we're the end of a terrace) plus some external insulation / solar water heaters etc. Estimated cost well north of 50k, so would be looking to borrow. Currently on a tracker with Danske and loathe to change it. (€200k approx left, house worth 450-500k (hard to say, last equivalent house sold on this street was last year around 450k), no equivalents on myhome or daft at the moment). I've seen a few "home improvement" type loans around that are on a personal loan basis (high interest, short terms and capped at nowhere near what I'd need to borrow)
Are there any banks out there that do 2nd mortgages, or second charges on the house, or would we be looking at having to look for a new mortgage with another bank for what is needed to borrow for the work plus what's needed to redeem the tracker?
To be honest, I think I already know the answer but I thought I'd put it out to the collective wisdom of AAM