Top up Mortgage Versus ReMortgage

H

huggy

Guest
I'm looking for some advice as to whether to top-up my existing mortgage or re-mortgage completely.At present, I owe 30,000 0n my mortgage, with 10 years left. I also have carloan, credit union loan, overdraft etc. totalling 12,000.My repayments on all of these is overstretching me every month. I still have work to do on my house and I need to borrow about 25,000 to finance this.I hope to still keep to the 10 year limit.What would be my best option, taking solicitors fees/valuations etc. into consideration? Should I seek out a new Mortgage with favourable interest rates or stick with my existing provider and do a top-up? Any advice would be welcome!
 
Who is your mortgage with? Some will top up at homeloans rates with no costs - others will require you to go through the legal process at the cost of around €1000 in which case you'd be better switching to Ulster Bank's fees free remortgage.

Sarah

www.rea.ie
 
Sarah,

As a matter of interest which lenders do not normally require the legal route?

Thanks

Obi wan
 
Good question, as I am facing the same dilemma.. I have Irish Nationwide mrotgage @ 3.49%, house value at 350,000, mortgage at 160,000, and I want to get my hgands on some of the equity to pay some bills, and maybe purchase a RIP.

Dont know if going to new lender with both, or simply top up with INBS and then go to new lender for RIP.

Any ideas, especially since the long awaited demeutalisation of INBS will happen some day for me if I stay.
 
Sarah W said:
Who is your mortgage with? Some will top up at homeloans rates with no costs - others will require you to go through the legal process at the cost of around €1000 in which case you'd be better switching to Ulster Bank's fees free remortgage.

Sarah

www.rea.ie

Existing mortgage is with First Active
 
You are in luck - First Active will allow you to top up to a maximum of €65,000 or 80% of your property value (whichever is the lower), subject to you meeting the income criteria, with no costs other than a mortgage valuation (circa €127). The top up can be take over any term as long as it doesn't exceed the existing mortgage term and is charged at homeloan rates or their 2/3/5 year fixed rates.

It's known as a Utopia top up and you can get the forms from any branch.

Kind regards,

Sarah

www.rea.ie
 
Hi Sarah,

Do you know where Bank of Ireland stand on this matter?
 
Thanks very much, Sarah. You have saved me a lot of hassle!
 
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