Home Renovation Mortgages - EDUC Mortgages-min

Home Renovation Mortgages

Looking to renovate your existing home or to buy a fixer upper? A renovation mortgage could be the solution.

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.

Rules For Borrowing

How much can I borrow?

The amount you can borrow is based on a number of criteria as follows:

  • Employment

  • Salary

  • Children

  • Other loans you may have

  • Repayment capacity

You should be in a permanent employment and not be on probation, however exceptions can be made e.g. for doctors who would be on contracts in different hospitals.

The amount you can borrow is 3.5 times your salary with deductions taken if you have other financial obligations like child support, dependant children, loans, credit card or if you have a partner who is not working.


  • Matthew & 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 & 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 i.e., they can now potentially borrow up to €342,000, if they qualify for it through income and affordability.

Before you apply for a mortgage you should insure that your bank statements are in order. Sometimes you need to put a 6-month plan into place before you apply for the mortgage. This plan should include:


Good money management across all active current and savings accounts.


No missed direct debits or standing orders.


Controlled use of your credit card and ensure a monthly direct debit for minimum payment is set up.

Mortgage Do’s and Don’ts



Save regularly


Clear your credit card


Ensure that if you are paying rent that the rent is paid by direct debit from your bank account to the landlord


If you are living at home and paying parents rent you should also pay this into your parent’s bank account


If you are saving, make sure that the savings are put in on a regular basis. (i.e. weekly or monthly)

Do Not:


Miss any existing loan payments


Miss direct debit payments


Withdraw money from your savings account(s)


Withdraw cash using your credit card


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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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