credit union mortgage

[Christinexxx]

Hi All,

I am 27. I work part time. I have a credit union loan which I pay 30euro pw off and is due to be cleared by the end of next summer. I have been a member of my local credit union for over ten years.
My question is this.. If I were to clear my loan in the next few months and then start saving 400euro per month with the credit union, do you think they would lend me in or around 50k to buy a fairly run down house and renovate it in my own time bit by bit.
You should also know that I live with my partner at the moment and we pay 600 per month on rent. His credit rating would not be very good so although we would be saving together, it would be me alone looking to borrow the money from the credit union.
I don't know a lot about this so any advice would be very welcome and appreciated.

 

[Setanta12]

Very unlikely for a wide range of reasons ... including you not mentioning your job or income which will determine how much you can borrow.

You would probably need to have saved, at a guess, about EUR10,000 - 15,000 before you can approach a Credit Union/bank for a loan of that amount.

 

[Christinexxx]

I work 22 hours a week and earn 1100 per month after tax. My partner works 30 hours per week and earns at least 1200 per month after tax.
I would be planning on saving 10,000 initially before trying the credit union. I just was unsure whether or not it is possible to borrow that large an amount from them or if it would be difficult to do so.

 

[Sandals]

2005, borrowed €40k for the purpose of house building from CU (we had savings), I was told by CU to put house renovating, decorating or the likes on the proposal form, I had the money in few days,

times have changed I know but speak to your local credit union and ask their advice. (Do please check the rate of interest you are going to paying as we really paid a very high rate 13% over five years as we hadnt a clue at the time)