Allpartied
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For UB:What is the maximum age a mortgage can be extended to for two public sector workers?
A 17 year mortgage, for the remaining amount, with KBC, would see my payment down by 500 euro a month. I could still discharge the mortgage on my original timeline, when the retirement lump sum comes due.
Let's assume they all want to go to third level. Expenses in Ireland for each child is approx, 8000 Euros per annum.
With a good income and plenty of equity, you should be able to switch to interest only when you need to. Even further, you should be able to draw down further money to fund the shortfall.
Is that assuming they live at home.
Hi Allpartied.
I had something similar to you re trying to finance education fees for my kids. In the end, I ended up going with my local Credit Union.
https://www.askaboutmoney.com/threa...college-fees-after-remortgage-refused.205126/.
Have you considered them?
Credit union funding at close to 8% or whatever is much more expensive than borrowing on the strength of your home.
Sorry to hijack this but anybody with children in Primary school, please take note and start investing something each month towards your childrens education. It's much better to be able to bank roll education from investment/savings or with current income. Remortgage over a longer term should be an absolute last resort. It's playing with numbers and introduces financial risk and potential for losing your home . Keep it simple and in this case, if possible encourage your children to go to the nearest college/university where they can live at home to keep expenses down or defer for a year so they can get a job and save up to pay for their own education.
If the bank would rather sell you a loan at a higher interest rate they may not go for the extended term on your loan. So maybe come up with a 'good' reason for extension other than college costs.
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