Hello,
I own a house with a market value of around € 420,000.
In the middle of 2019 I loaned the house with around 55-60% to buy and modernize it. The costs of the modernization were higher than initially calculated, so I got a loan from the house bank.
I still want to do a lot more on the house and have considered taking out a second mortgage. In the course of this, I want to redeem the loan at the house bank at the same time, so that I only have to service two loans.
After a phone call with the first bank, which is in the land register, I was told that I couldn’t reschedule with the money. I am only allowed to upgrade the house and have to prove everything with invoices.
Now my question, why is that not possible? I did not reach the full mortgage lending value of the property. That’s why it’s up to me what I do with money.
For example, if I raise an additional € 80,000, is the house still worth more than I took in, or am I getting it wrong?
If so, are there banks that also guarantee loans for 15 years?
Up to 10 years would not pay off.
many thanks.
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