How Does a Mortgage Top Up Work in Ireland
A mortgage top-up in Ireland increases your existing home loan by an extra amount, secured on the same property. It is commonly used for renovations, extensions or energy upgrades. The lender adds the top-up to your current balance, and you repay the combined loan under a new rate and term.
The process starts with an application and an affordability check, followed by a valuation to confirm the property supports the larger loan. There may be legal work and fees, and the lender applies the Central Bank's lending rules to the new total. Approval is not automatic, even for existing customers with a good repayment record.
Worked example: a €180,000 balance topped up by €30,000 becomes a €210,000 loan. At 4% over 25 years the payment is about €1,108 a month, almost the same as the original €1,110 at 4.2% over 20 years, but paid for five extra years, so the total interest is higher. Always compare total cost, not just the monthly payment.
- Top-up adds to your existing loan, secured on your home.
- Requires affordability check, valuation and Central Bank rule compliance.
- Compare total interest, not just the monthly payment.
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