Hi, just wondering if anyone out there would have some advice or information for us.
We completed a self build over 3 long years, basically operated on pay-as-you-go basis and used current income and our savings to complete it stage by stage, just took out a small personal loan towards the end to get things finished off and ready for moving into.
Our little family has expanded since and we have planning permission for an extension.
Our problem is this; we would like to get a mortgage to enable us to complete the extension in a timely manner. I'm not sure if there's any such product available though to enable us to qualify for a mortgage that is purely to finance an extension onto a property we already own? It's not a new build or a purchase so what category do we fall into? It's not feasible to finance it as a personal loan, too large an amount to have reasonable monthly repayments.
If we had an existing mortgage we could apply for to increase that. Neither of us have ever had a mortgage. Am i right in thinking we are kind of in a catch22?
We no longer have sufficient savings to build with as we pretty much used everything up to build in the first place and be mortgage free. We would have enough for a reasonable mortgage deposit. We would need €70k approx for the extension.
Is there any way we can release equity from our existing home or is there a suitable mortgage product that I'm just unaware of?
Thanks a mill.
We completed a self build over 3 long years, basically operated on pay-as-you-go basis and used current income and our savings to complete it stage by stage, just took out a small personal loan towards the end to get things finished off and ready for moving into.
Our little family has expanded since and we have planning permission for an extension.
Our problem is this; we would like to get a mortgage to enable us to complete the extension in a timely manner. I'm not sure if there's any such product available though to enable us to qualify for a mortgage that is purely to finance an extension onto a property we already own? It's not a new build or a purchase so what category do we fall into? It's not feasible to finance it as a personal loan, too large an amount to have reasonable monthly repayments.
If we had an existing mortgage we could apply for to increase that. Neither of us have ever had a mortgage. Am i right in thinking we are kind of in a catch22?
We no longer have sufficient savings to build with as we pretty much used everything up to build in the first place and be mortgage free. We would have enough for a reasonable mortgage deposit. We would need €70k approx for the extension.
Is there any way we can release equity from our existing home or is there a suitable mortgage product that I'm just unaware of?
Thanks a mill.
