Mortgages and House Renovation

HI Mike

I cant see it being a problem plus at the moment mortages are at a ridiculously low percentage. I know when my wife was living in the uk she took a mortgage out on a flat and was paying it when living in the uk. You would probably need a slovak bank account to have the mortgage.  I will have a chat to my wife tonight and see if she knows any issues you might but I really cant see you having any problems

Huw

Thanks !

My wife is Slovakian and still has a bank account in her name over there.

You think would be possible to use the money from a mortgage loan to rebuild a property ?

Regards

Mike

yeah im pretty sure you can alot people here do it. My wifes cousin done it with his house here, it was his grandmothers and he redone it all on a mortgage.

Greetings gents,

Mortgages operate the same way in mainland Europe as they do in the UK. Properties always need repairs and work doing to them and in order to that, even if its minor repair work it's quite normal to borrow money on the house.

I can not speak how the process is exactly done in Slovakia but in Austria it is just like the UK. You will need a bank account in Slovakia which as you have already stated you have.

As all loans go, it's worth shopping around to get the best rates.

Have a good day

S

Thanks for the information . It is a large property with out buildings but im pretty sure the value, being in quite a remote part, is below 50k . Would that impact on the amount of mortgage we could take ?

Would you only be able to borrow up to the value of the house or could you borrow more ?

Would we have to be living in Slovakia to get a mortgage ?

Blannym wrote:

Would you only be able to borrow up to the value of the house or could you borrow more ?

Would we have to be living in Slovakia to get a mortgage?

Very good questions......

Would you only be able to borrow up to the value of the house or could you borrow more?

That I don't know, I think unlikely as if you default the mortgage the bank will loose out if it you use the house as collateral. But you will have to check with the lender.

Would we have to be living in Slovakia to get a mortgage?

If the house is being used as collateral, I don't see a reason why not you have to be living in the country.

It would be have tobe discused with the lender.

Great thank you so much for you help . .. .

I think the cost of rebuilding  ( and adding a business into the house ) will amount to more than the property is worth as it is quite old and run down .

Was hoping to take a larger mortgage and do it up to a standard we want .