Remortgage for home improvements.

[Happyfridays]

Hi. My Wife and I are thinking about a remortgage so we can convert the attic. We owe €70k on a house worth aprox €180k. We have 9 years left on variable With EBS. We want to borrow €20k for the renovation. I have full time secure work and my wife is back in college. She is starting her final year in sept. We have 3 young kids and we are in our early 40s

Any advice would be greatly appreciated. Thanks.

 

[ClubMan]

Not really sure what advice you're looking for?
Surely you just ask EBS if they will lend you the €20K?
If you have savings then you should seriously question the need to borrow versus using the savings.
If you do borrow then borrowing at a lower rate and over the shortest period feasible reduces the total cost of credit.

Regardless of any additional borrowing...
Are you getting the best deal on your mortgage generally - e.g. what rate are you on?
Could you save by switching or at least negotiating a lower rate?

Ultimately I think you'd probably need to give more detailed info about your overall financial situation for people to give further advice.
I think that there's a template/form somewhere on the site but it's basically like an SFS - e.g. like this one from PTSB which I like because it's an excel spreadsheet that can be filled in, tweaked, saved etc.

https://www.permanenttsb.ie/about-u...-loan-mortgages/standard-financial-statement/