Need a bit of advice please.
Do you think we would come across any problems applying for a top-up mortgage. We need a bit of breathing space from credit union, credit card loans and the only way out appears to be a top-up mortgage. How do banks treat customers who look for a top-up for this purpose as opposed to house improvements. Should I say that the top-up is for home improvements??
Current mortgage: approx. 90k - over 9 years remaining - on tracker + 1% - repayments over €900 per month.
Outstanding Loans 15k - Credit Union Loan - repayments €600 per month.
Credit Card 10k - only managing to pay interest plus a few extra euro.
Salary - €65 between both of us.
While I appreciate that our mortgage is quite low we have always seemed to struggle with personal loans and credit cards. We have 3 children 5, 8, 10 and we both work full-time. We have 2 cars (2000 and 2003) a modest 4 bed house (11 years old that needs a bit of attention) and have never lived a lavish lifestyle. While we are able to keep on top of our bills, we always appear to be struggling with money and would like to clear these cu and cc loans.
We are both in our early 40's and would like this last chance to amalgamate our debt. I was thinking of applying for a top up of 20k over 10 years.
Any advice would be very welcome.
Do you think we would come across any problems applying for a top-up mortgage. We need a bit of breathing space from credit union, credit card loans and the only way out appears to be a top-up mortgage. How do banks treat customers who look for a top-up for this purpose as opposed to house improvements. Should I say that the top-up is for home improvements??
Current mortgage: approx. 90k - over 9 years remaining - on tracker + 1% - repayments over €900 per month.
Outstanding Loans 15k - Credit Union Loan - repayments €600 per month.
Credit Card 10k - only managing to pay interest plus a few extra euro.
Salary - €65 between both of us.
While I appreciate that our mortgage is quite low we have always seemed to struggle with personal loans and credit cards. We have 3 children 5, 8, 10 and we both work full-time. We have 2 cars (2000 and 2003) a modest 4 bed house (11 years old that needs a bit of attention) and have never lived a lavish lifestyle. While we are able to keep on top of our bills, we always appear to be struggling with money and would like to clear these cu and cc loans.
We are both in our early 40's and would like this last chance to amalgamate our debt. I was thinking of applying for a top up of 20k over 10 years.
Any advice would be very welcome.