In relation to the bank yes probably I doubt they would do a land registry search but want to be sure no trace of it in bank statements e.g. house insurance payments etc
Interesting hadnāt considered it previously
If you can comfortably afford the new place I doubt they would do more digging than the basic requirement.
In unlikely event anything did go wrong (e.g. arrears) after they could probably use the fraudulent application as a reason to default you straight away and start legal process to take the house. In practical terms I doubt they would bother really and just manage the case same as all the others.
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Ya Iād say so, unless they could see the mortgage coming out of your account they wouldnāt have a breeze. Banks are pretty tunnelled visioned with regard to the application, a box ticking exercise really. The days of them judging the person or whatever are gone
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Caveat Emptor
Just a warning to all posters seeking mortgage advice. I was given completely false information on this thread.
Iām not sure whether this was a malicious action on the part of the person answering the question or just a lack of knowledge, but either way I would advise posters to be very wary when it comes to information given by certain supposedly qualified posters on this thread.
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Why restrict that to this thread?
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Name names unless it was me.
Did you make a fool of yourself in the bank lad?
I did not. Got what I needed.
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A pen?
A Henry hippo money box
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Thinking of renovating so asked the bank about a top-up on the mortgage. They require a 20% deposit which would take a while to get. Is there a way around this? We had 40% deposit on the original loan 2 years ago. Would switching be an option as the Loan to Value would be well below the 80%. Are there many places that give a long term unsecured loan? Credit Union only go to 50k I think.
I think there is a government grant for folks who are renovating their house. I know they brought one in a few years ago to help developers. Maybe be gone now.
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They shouldnāt need another deposit if the final loan to value is still within the limits.
Will cost maybe 1500 quid to switch but would be worth it probably you would likely get into lower LTV rate band on switching too
They are treating it like a new mortgage. Would switching by-pass the need for 20% deposit on the renovation loan if the LTV is still below 80%?
Iām currently in the process of building an extension after doing something similar. Iāll let you know the details later.
Ours was treated as a new mortgage. Our biggest problem was that we needed to maintain an overall loan to value of 85%, we also had to provide 10% of the build cost ourselves, along with the usual income criteria for the increased mortgage amount. A deposit never really came into it.
A āgoodā valuer goes along way in a situation like this.
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Weāre with AIB and there will be no issue with LTV or making repayments. The issue is getting the 20%. Weād be able to get 10% but 20% would take a while. I know the rules are 10% deposit for first time buyers and 20% for everyone else. Did you get the funding before this 20% rule was brought in?
ill give you a loan bro
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Mighty kind of u but I need more than a fiver.
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