# Advice on obtaining a Second (unsecured) Mortgage



## geecee (16 Nov 2009)

Age: 35
Spouse’s/Partner's age: N/A

Annual gross income from employment or profession: 61275
Annual gross income of spouse:

Type of employment: Private Sector, IT/Finance and reeasonably secure

In general are you:
(a) spending more than you earn, or
(b) saving?
I spend all disposable income on holidays, but live well within my means

Rough estimate of value of home Paid €330K for it 3.5 years ago, guess now its worth 200-215K
Amount outstanding on your mortgage: €201K
What interest rate are you paying? 1.75%(ECB +0.75 Tracker)

Other borrowings – car loans/personal loans etc
None

Do you pay off your full credit card balance each month?
Yes 
If not, what is the balance on your credit card? 
N/A
Savings and investments:
Around €25K in Cash

Do you have a pension scheme? 
Yes, Negligable though
Do you own any investment or other property? 
No
Ages of children: 
None

Hi All

(I hope the mods don't move this to the Overseas property section as i feeel the question belongs more here!)

I would like to buy an overseas property (in Thailand)
I know that with my income V expenditure i can easily afford it

Looking at the online mortgage calculators - my income could get me up to 288K mortgage
My current mortgage is 201K

I could probably go to by current mortgage provier (AIB) and get a top loan on my current mortgage - but i am guessing that they will make me give up my (fantastic) ECB +0.75% Tracker if i want to get a top up

So i gesss my question is - Is it possible given the figures above to get an unsecured 2nd mortgage for my overseas property?

If so should i approach my current bank - or would i be better off to take a different approach and approach any particular lender who might me more generous??

Or am i wasting my time completely trying to get an Irish bank to give me an unsecured loan in the current climate?

Thanks in Advance!


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## luckystar (16 Nov 2009)

Bank will not allow mortgage top up with the current house value, and of course they'd want to take your tracker!!

what amount are you looking to borrow?


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## geecee (16 Nov 2009)

Looking to borrow around 40K


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## lightswitch (16 Nov 2009)

Why do you want to buy a property in Thailand, particularly at the present time?


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## geecee (16 Nov 2009)

I have been interested in buying a place there for quite a while now

I guess this is more of a whim than an investment - i know the property will not really appreciate in value - I am simply looking for somewhere to "hang my hat" when i go on hols

I have found a place that i like and feel that by job is secure enough to justifty buying it at this point in time

I would gues based on feedback so far that I am unlikely to find a bank willing to back my whim?


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## lightswitch (16 Nov 2009)

"I would gues based on feedback so far that I am unlikely to find a bank willing to back my whim?"

You are quite possibly a very lucky person


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## luckystar (16 Nov 2009)

so you're looking to buy @65k approx? (I'm assuming you'll be using your 25k savings) only option would prob be personal loan, perhaps with credit union but would you need to negotiate a long term (10 years?) which may be difficult to get.


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## geecee (16 Nov 2009)

The property should cost me around 50K after legal and furnishing is complete

I intended to keep the remaining 15K in my savings for a rainy day

Unfortunately i'm not a member of any Credit Union - so i doubt they would tke me on at this stage?


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