Top Up Mortgage

M

mhiggs

Guest
Anybody know how long after you take out a mortgage before you can get a top-up. The reason I ask is that I plan to take out a mortgage soon and may have to borrow the deposit off my parents. Was planning to take out a top-up on my mortgage and paying back my parents but not sure of the timescale involved before I can apply for a top-up. (Needless to say I wouldnt be telling the institution this is what the top-up is for, although I'm sure its common enough!)

Would be looking at taking out a mtg for about 170,000 and maybe then a 15,000 top-up. Thanks
 
You can top up as soon as you have sufficient equity in the property. The maximum advance when you buy a house is 92% however the maximum for a top-up or remortgage is 90% or even 85% depending on the lender. Your income would also need to be sufficient to cover the additional loan.

Kind regards,

Sarah

www.rea.ie
 
So I would need to have paid enough back so that my original loan was less than 90%?? On that basis it could take a number of years as the early repayments are mainly interest and therefore wont reduce my original borrowing. Plus even if i get below the 90% LTV then I could only top-up to a max of 90%? Sounds like my idea could be a non runner then so? any other ideas about borrowing the deposit and repaying it within a relatively short space of time? The problem is I will need to borrow the deposit to buy and dont want to owe that kind of money to my parents(€15000-20000) for very long.
 
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