We are a couple in our sixties planning retirement with large suburban house denested of children, unfortunately with smallish tracker mortgage with KBC for another 11 years due to remortgage for business needs. The LTV is about 20% leaving about 80% equity.
We bought a derelict artisan cottage and secured Planning permission to extend and modernise and got quotes fro builders for the works.
We were about €150,000 short to finish the job or just over 25% of finished value of the house.
We had assumed (wrongly) that KBC would provide a Bridging loan to complete the works and then sell our family home and repay the loss making Tracker mortgage and move to our smaller house with lower outgoings and no mortgage.
We seem to have discovered that a short term loan to be paid off by selling the first property is no longer offered by any Irish bank.
We could afford monthly interest payments and this would be cheaper and less stressful than renting.
I am not sure why this?
Before anyone asks we have no other debt and i would imagine a perfect credit record.
It means that we will have to sell our existing house and rent in this very difficult Dublin market with 2 dogs and a 3 cats.
We bought a derelict artisan cottage and secured Planning permission to extend and modernise and got quotes fro builders for the works.
We were about €150,000 short to finish the job or just over 25% of finished value of the house.
We had assumed (wrongly) that KBC would provide a Bridging loan to complete the works and then sell our family home and repay the loss making Tracker mortgage and move to our smaller house with lower outgoings and no mortgage.
We seem to have discovered that a short term loan to be paid off by selling the first property is no longer offered by any Irish bank.
We could afford monthly interest payments and this would be cheaper and less stressful than renting.
I am not sure why this?
Before anyone asks we have no other debt and i would imagine a perfect credit record.
It means that we will have to sell our existing house and rent in this very difficult Dublin market with 2 dogs and a 3 cats.