Top-up mortgage?

B

Bambo

Registered User
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Hi, I got a new mortgage with IIB at the end of November. Can anyone tell me how soon you can apply for a top-up on your mortgage? We have a few large loans....car loan and large personal loan, altogether approx 60,000eur. Do you normally have to wait a few years before applying for a top-up? Our credit history is good and we have had previous mortgages with other banks.
 
There isn't a timeframe.

Whether or not you are eligible for a top up will depend on your capacity to meet the increased repayments.
 
Many people have tried, but I believe this the first post that fully illustrates everything wrong with the irish economy.
 
Diatom said:
Many people have tried, but I believe this the first post that fully illustrates everything wrong with the irish economy.
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I dont understand your point?

It makes more sense to consolidate some of our borrowings to ease up cash flow. Ireland is an expensive country, with soaring loan and mortgage rates and not always the income to match. I feel in my personal situation it would be a safer option to clear off other borrowings and just have the one monthly payment.
 
Bambo said:
We have a few large loans....car loan and large personal loan, altogether approx 60,000eur.
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Back in October when you were refused a mortgage at the last minute, you said that you had no loans as you had cleared them in July:
http://www.askaboutmoney.com/showpost.php?p=296580&postcount=1

Bambo said:
We have no loans as we cleared them all in July.
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Did you rack up another 60k in debt over the past five months?

Do you have sufficient equity in your new house to top-up your mortgage? From your earlier posts it looked like the LTV ratios were tight:
http://www.askaboutmoney.com/showpost.php?p=296591&postcount=5
 
Back in October when you were refused a mortgage at the last minute, you said that you had no loans as you had cleared them in July:



Do you have sufficient equity in your new house to top-up your mortgage? From your earlier posts it looked like the LTV ratios were tight:
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Whathome - are you the AAM police, a little hard on Bambo I think
 
CathyK said:
Whathome - are you the AAM police, a little hard on Bambo I think
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I don't think so. These are just two of the questions that any lending institution would ask and will help answer Bambo's original query.

Pretty basic questions: Why is there an extra 60k of debt in five months and what is your current LTV?

As you are an "Independent Financial Advisor" who sells mortgages, do you think it would be too hard on a client to ask these basic questions of them?
 
Seems to me that whathome's comments/questions are quite proper and certainly pertinent to the matter in hand.
 
I would not call it excessive borrowing - I would call it the cost of living.

When we purchased the house it was only valued at 310,000 because it was unfinished, it was in the middle of renovations and had no kitchen etc.
We got the mortgage of 92% of the value and borrowed a personal home improvements loan to get the kitchen in etc.

We also purchased a used car since. I certainly wouldnt say we were being excessive or living the life of millionaires, just doing what needed to be done to the house.

Now that the work is complete on the house, it would be valued at a lot more than the purchase price. It is a large detatched residence on 1/2 acre mature gardens within 30 mins of cork city - and now the inside is complete.

I just feel it would make more sense to get the personal loan (home improvement loan) consolidated on the mortgage considering it costs a lot per month and was borrowed for the house anyway.

By the way , as regards the past refusal of mortage - we investigated it and had it confirmed in writing that we were refused because for some reason our old BOI mortgage was showing as still active on our ICB search. This was a mistake as it was cleared. Just shows, its worth the €6 to request a look at your ICB rating every so often.
 
Just FYI we drew down our mortgage in mid October 2006 and we have loan offer for top up waiting to be signed in presence of our Solicitor. We are going on holiday thats the only reason we havent signed it yet, oh and LI. Getting that next week. We were also told 6 months waiting by the mortgage advisor in our bank. I rang the BAnks HO and they told us that we didnt have to wait for 6 months. I would ring your Banks HO to clarify this. We are with UBL

HTH

Mo
 
Bambo said:
I just feel it would make more sense to get the personal loan (home improvement loan) consolidated on the mortgage considering it costs a lot per month and was borrowed for the house anyway.
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If the property has definitely increased in value due to spending on improvements then I would say you could approach the bank now about a top-up mortgage.
 
Also as far as I am aware loans raised specifically to repair or improve your home are allowable for tax relief.....
 
Moesha, can I ask how much approx the solicitor costs are? My only similar experience is when I switched banks a few years ago - because that was remortgaging with a different bank it cost approx 1,000eur but the bank had an offer on where they paid it.
 
Bambo,

I rang the Solicitors and they told me it will be about €300. They still have our deeds so it wont be a case of requesting them from the bank coz we only drew down in October.

hth
 
Bambo said:
Moesha, can I ask how much approx the solicitor costs are? My only similar experience is when I switched banks a few years ago - because that was remortgaging with a different bank it cost approx 1,000eur but the bank had an offer on where they paid it.
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Hi,afaik IIB offer top up through their panel of solicitors at a set fee c.€100.Enquire from IIB whether this is still the practice.
 
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