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The same amount over five years at 7.5 per cent is €1,002,” says Dowling. “You do need to prepare but at the end of the day it will come down to cash and €50,000 over 15 years at 2.5 per cent is €336 a month.
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It’s a lot more work than a personal loan. As a rough rule of thumb, a mortgage repayment interest rate is about a third of that of a bank.Īs a top up is a mortgage application, the amount of legwork involved in applying is significant too, and includes up-to-date documentation such as salary certificates, P60 payslips and, if you are remortgaging with a new provider, up to 12 months’ worth of bank statements. The reason why “top ups are an active part of the market is because it gets the money cheaper and for longer, and, as it’s a direct investment in their home, people are happy to make it”.īy contrast, traditional bank and credit union lending is more expensive and the longest term is most likely five years. “All in all you can expect to pay around €1,000 in terms of costs for a top-up mortgage, as opposed to financing it through a loan, but offset against that is the much cheaper repayments,” says Dowling. There are additional expenses involved too, including an up-to-date valuation by a surveyor, which costs about €150, and solicitor’s fees, for which €750 would be the norm. “No matter how much you borrow, it will never be more than 90 per cent of the value of the property,” says Dowling.įor major renovation work and extensions you will also need formal estimates from your architect. If, however, it is a major renovation costing more than €50,000, you typically will need receipts and the money will be released in stages.
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“Banks are more than willing to lend for home improvements in the form of a mortgage for something like a new bathroom, bedroom, kitchen, windows or painting,” says Michael Dowling of brokerage Dowling Financial. Figures from the Banking and Payments Federation show the value of top-up approvals was up 14.4 per cent in the year to October 2019. For most home improvements, that means topping up an existing mortgage.
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If you really can’t afford to wait, then borrow. Put money away each time you get paid and put the work off until next year instead. If you haven’t sufficient savings, and can afford to wait, start improving your bank balance first. The best way, and the cheapest, to pay for anything is through savings.
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If getting work done is on your new year’s resolution list, it’s time to figure out how to finance it.