Remortgaging question

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Chris2014

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Just bought a house that needs renovating for 95k.

Mortgage is 85k and was well within means. Could have got 135k i believe.

Ideally id like to remortgage and get another 10k to decorate house.

Whats different about remortgaging? Does the house need to increase in value?

If so is there any very long term loans instead?
 
Hi Chris,

If you've only just drawn down your mortgage, you'll have to check options with the bank you are currently with. No other bank will let you switch until you have a repayment history.

Under CBI rules, banks are restricted in what they can lend. I assume you're a first time buyer, so it's 90% of the value, or if renovation is needed, 90% of the value after renovation.

Is the 10k for decorating and furnishings? You won't be able to add that to Mortgage.

Your bank might have other options, such as a 2 or 3 months repayment break, that might give you breathing space.

In terms of personal loans, the best value at the moment is KBC if you open your current account with them, at 6.3%.

Make sure you apply for the HTB scheme if it applies to you: http://www.citizensinformation.ie/e...with_buying_a_home/help_to_buy_incentive.html
 
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