I divorced in 2021 and was awarded the family house along with the 2 mortgages, both beautiful trackers with BOI. One will thankfully be finished in 3 more payments and the other has about €97K remaining and 12 years left. As I am now the sole owner I will need to get my own mortgage. I am thinking of building a very modest extension / sunroom which I have been quoted €46.5K for. I think one way or the other I am going to get screwed moneywise.
I reconciled myself to the fact that my tracker rate will be gone and if I borrow the extra to fund the extension that I will also need to add 3 years (on top of the money) to my mortgage. Looking online and before and rate rises in earnest I am likely to be paying at least €950 a month (as opposed to €705+€340 on the current 2 mortgage payments).
Which financial institutions will even lend to build an extension? Am I stuck with the dearer end of the mortgage market? e.g. BOI & AIB? If that's the case the monthly payment will probably go over €1,000 and I really don't think its worth adding on the extra expense of the extension on top of every other rising price at the moment. I'd be better off borrow to repay the existing mortgage and perhaps reduce the term to 10 years.
I reconciled myself to the fact that my tracker rate will be gone and if I borrow the extra to fund the extension that I will also need to add 3 years (on top of the money) to my mortgage. Looking online and before and rate rises in earnest I am likely to be paying at least €950 a month (as opposed to €705+€340 on the current 2 mortgage payments).
Which financial institutions will even lend to build an extension? Am I stuck with the dearer end of the mortgage market? e.g. BOI & AIB? If that's the case the monthly payment will probably go over €1,000 and I really don't think its worth adding on the extra expense of the extension on top of every other rising price at the moment. I'd be better off borrow to repay the existing mortgage and perhaps reduce the term to 10 years.
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