Couple of questions in relation to Mortgage top-ups.
1.) Are you able to apply for TRS on the amount of interest paid on your top-up?
2.) Does the amount you borrow affect your LTV?
Re Decorating is a house improvement. What sort of proof would i need to show how much i spent on home improvements, does that also cover furniture. Also if you were to pay off a loan that you had borrowed to use as a deposit to purchase the house in the first case, can you also then claim TRS on that money.
There will probably be a section on your top up application where you have to give a breakdown of what you require the funds for. This usually determines the TRS that you qualify for. Some lenders just release the money and it then up to the clients whether or not they spend it as they had outlined, while others may look for invoices as evidence.
We got a top up mortgage 3 years ago PTSB and it did say
that you could only get TRS on the amount used for home
improvements and that you should hold on to receipts
in case of audit.
Read the small print just in case.