Clearing loans before drawing down mortage

U

una127

Guest
I have recently bought an apartment with my boyfriend. Everything is now sorted but one of the conditions was that we had to pay back our loans before the mortgage is drawn down. It looks like the mortgage will be ready to be drwan down at the end of this month which only gives me a chance to pay back 1,500 of my 4,000 in loans between two banks. Can anyone suggest away of getting the money to pay back these loans without going to my family. Can i get a credit card loan or does that show up on the credit report. I also have a credit union account but there is nothing in it. So stressed about this, any tips are welcome.

Una
 
Can you delay the drawdown? Is it a new apartment? Has it been snagged etc.

When are you likely to have the rest of the money?

As a short term (and partial) solution, you may be able to use an overdraft, but I'm not sure if this would be acceptable.

It is almost certain that a credit card loan would show up on a credit report, and would be an extremely expensive method of finance, and not one that I would advise.

Can your boyfriend help? Any reason you don't want to approach family, with the understanding that the loan could be repaid within, say, 3 months?
 
The snags are been done next week and as soon as they are completed we have a week to draw down the mortgage. So delaying the draw down isn't possible. My boyfriend is in the same situation as me he has nearly 5k to pay in loans. We are moving home from rented accomation this weekend to save in order to try save to try to pay off the loans. However both of us would only manage to save at most 1500. this month. i dont want to ask family as they took out a loan for part of the deposit, which we are paying back ourselfs so i feel like they have done alot already. I think we are in a sticky sistuation and the only option we may have is to cash in my boyfriends SSIA
 
check with your credit union do they appear on the irish credit bureau, if not get a loan and clear of those bank loans that can be seen on the irish credit bureau.
what the mortgage company dont know wwont hurt them!
keep all record of it out of your bank accounts as well until mortgage drawn down.

if you dont have any savings in credit union initially could you get a small amount from a friend maybe to set you up, with paying back a loan , your savings in the credit union would not be long building up and you could pay them back in a few months?

hope this helps you. i work as a loan advisor so have an idea on this!
 
Listen. It really is more than likely that your Credit Union is NOT libked to ICB. The Credit Union are very flexible. I know that when I required money. I lodged €2000 to a new credit union account and the approved a €30,000 loan a week later. If you have a chat with them, and lodge a few bob, they will surely lend you the money you need.
 
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