top up mortgage or new mortgage

spursman

Registered User
Messages
167
hi everyone

i have a mortgage for 250k at present and have 18 months left on a fixed rate. i would like to buy a site for 100k . would i need a new mortgage for this or can you get a top up to the existing one?i would want the new 100k on a variable rate
 
I would guess that a top up depends entirely on the valuations on the current house and the land you would like to buy, your risk profile and repayment ablilities etc etc etc.

These days the banks seem to be reluctant on any form of mortgage lending (despite what they say). Last week I tried to put €10k onto my mortgage and was infuriated to be informed that I would have to go through the whole mortgage application process again and in any event - they would only do it for €20k or more.

However, they would have no problem giving me a personal loan with higher rates and shorter terms. This also helps them hit their 'new loan' targets. Drove me nuts!
 
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