Hi. We are a couple with decent saving and would like to get our first mortgage. We have saving of approx 100k, made up of bank approx 75k , saving bond approx 12k and credit union approx 15k. Monthly savings are approx 600 euro. We both have good credit history and never had any loans of any kind. We have a house at present (so no rent) which would probably be demolished to make way for a bigger new house. Only bills are the usual day to day costs and two cars. We are both working full time with a combined income before tax of about 45k per annum.
We are either looking at demolishing the existing house and building a new larger house.Another option is to keep the existing house and extend and renovate. To that end we are getting mixed opinions with most architects we've spoken to saying to go new and most builders saying extend and renovate. We are in one of the more rural settings, so have the first option already priced up at approx €160k builders finish.
Anyway as we have never been down the mortgage/loan route before we are clueless as to our options. So your advice would be most welcome.
1. Do we simply go to the bank we deal with for the mortgage, shop around all banks or go through a broker?
2. Do we use some, most or all our savings or borrow more and hold onto some savings?
3. Do we use the credit union at all. Not even sure if that's possible for building works. Guess they could come in useful for furnishing and finishing off. So might be worth keeping some funds with them?
4. We are in our mid 40's so I guess we should aim for a shortish pay back timeframe?
5. Is there anything else we should consider at this stage?
Thanks.
We are either looking at demolishing the existing house and building a new larger house.Another option is to keep the existing house and extend and renovate. To that end we are getting mixed opinions with most architects we've spoken to saying to go new and most builders saying extend and renovate. We are in one of the more rural settings, so have the first option already priced up at approx €160k builders finish.
Anyway as we have never been down the mortgage/loan route before we are clueless as to our options. So your advice would be most welcome.
1. Do we simply go to the bank we deal with for the mortgage, shop around all banks or go through a broker?
2. Do we use some, most or all our savings or borrow more and hold onto some savings?
3. Do we use the credit union at all. Not even sure if that's possible for building works. Guess they could come in useful for furnishing and finishing off. So might be worth keeping some funds with them?
4. We are in our mid 40's so I guess we should aim for a shortish pay back timeframe?
5. Is there anything else we should consider at this stage?
Thanks.