Mortgages and House Renovation

Last activity 16 March 2017 by Blannym

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BlannymActive member15 March 2017 11:37:54

Afternoon all

Any advice on my situation would be much appreciated and if anyone is a specialist in the subject please feel free to contact me...

My Slovak wife was left a property after a family member passed away, the house is free from mortgage and all signed over to my wife. We currently live in the UK but would like to renovate this house and convert into a few small business' as well as living there.

My question is, would we be able to gain a mortgage in Slovakia, with which we can use the money to rebuild the property . ? I have been told it should be easier to get a mortgage as the house is in my Slovak wife's name and all paid for . Would taking out a mortgage on the property allow us the cash to rebuild it ?

Thanks again for any advice you can give !

Mike B

Huw1981Active member15 March 2017 12:39:20

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

BlannymActive member15 March 2017 12:54:48

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

Huw1981Active member15 March 2017 13:11:32

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.

SimCityATExpert15 March 2017 13:51:37

11287

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

BlannymActive member16 March 2017 06:59:30

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 ?

BlannymActive member16 March 2017 07:00:27

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 ?

SimCityATExpert16 March 2017 08:16:36

11287

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.

BlannymActive member16 March 2017 08:46:37

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 .