Home Renovation Mortgages
Looking to renovate your existing home or
buy a fixer upper?
Realise Your Dream
Create the Home You’ve Been Dreaming About
If you are dreaming of a new kitchen extension or considering buying a property in need of repairs, a Renovation Mortgage allows you to carry out works to a property and incorporate the cost into your mortgage.
When considering a Renovation Mortgage, lenders will base their criteria on the estimated value of the property after the works have been carried out and therefore, you are likely to be able to borrow more than the asking price or the current value of your existing property.
Renovation Mortgage Example
Matthew and Sarah
- Matthew and Sarah are buying a property that is habitable but needs work.
- They are buying it for €300,000 and are looking to spend €50,000 on a new kitchen, bathrooms and flooring.
- Once the work has been carried out, the property will have a value of €380,000.
- Instead of Matthew and Sarah only being able to borrow 90% of the purchase price i.e., €270,000, they can borrow up to 90% of the value of the property post works.
- They can now potentially borrow up to €342,000, if they qualify for it through income and affordability.
Financial Supports
Vacant Property Refurbishment
Grant
Financial assistance is available to restore older or vacant properties through a grant administered regionally by Local Authorities.
- The Vacant Property Refurbishment Grant provides to up €50,000 to renovate a vacant property
- This can increase to €70,000 if the property is classified as derelict (i.e., structurally unsound and dangerous)
- The grant applies to properties built on or before 2007 and which have been vacant for 2 years.
- Can be used in combination with SEAI grants but works must be separate.
How much can I borrow?
Mortgage Calculator
Get an indication of what your monthly repayments could be as well as how much you will pay in interest over the term of your loan.
Tip: Regularly review your mortgage with a qualified advisor and ask about how to reduce the amount of interest you pay in order to save thousands over your mortgage term.
Disclaimer: This calculator is for indicative purposes only. Please always seek professional guidance before making a financial decision.
Who We Work With
At EDUC Mortgages, we have access to all of the major lenders in Ireland so
we can get you the best rate available on the market.
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