Financing deposits is an old question but, despite searching, can't find much to help with the following:
Friend of mine (public servant; solvent) is thinking of bidding at auction and suspects she'd need to produce a deposit of around €60k if successful.
How to finance it?
She banks with PTSB and has a mortgage on her current PPR with Ulster Bank.
She has plenty of equity in her current property so could presumably draw down the required funds from that mortgage - there would be fees involved so while the rate would be advantageous it looks like an expensive way to proceed.
Does anybody know about Ulster or PTSB's approaches to such lending - would they advance unsecured and any idea of the range of rates?
Or should she simply trawl the market looking for the best rate on an unsecured loan of indefinite duration - and, if so, where to start?
Or should she approach lenders for the new mortgage and make it a condition precedent to placing her business that they advance the 10% immediately from the date of the auction and at the same rate as the mortgage (or is there any hope with that strategy?).
Apologies for the long post - I didn't have time to write a short one....