Is it 80pc of the sale price, or 80pc of the house plus the cost of renovation works? A As second-time borrowers you can borrow up to 80pc of the value of the home, according to head of credit at MyMortgages.ie Joey Sheahan. If you propose to spend in the region of €100,000 on construction, for example, you can borrow 80pc of the cost of the works once the value of the property increases by the amount of the works. Therefore, if you are keen on the house from your viewings, get an engineer, architect or quantity surveyor to cost the works. In most cases, the value will increase by the value of works, but in others it is less, Mr Sheahan says.

Source: Irish Independent April 17, 2021 01:40 UTC