M
munster_fan
Guest
Looking to borrow €25K over 4 years to purchase a new car.
I have a tracker mortgage with AIB. To avail of the best interest rates I was thinking of the following:
- Borrow the €25K from the mortgage account
- Increase the monthly mortgage payment such that the €25K is paid back over the 4 years.
Thus the loan will be paid back in the same time frame as a car loan but with lower interest charges.
Will the bank allow me to increase the mortgage in order to fund a car. Or can I just tell them that I am doing a house extension (will they look for documentary proof that I am intend extending the house).
Note: By adding the €25K to the mortgage I will still be below the 60% loan/to value threshold for the tracker mortgage.
All feedback welcome!
I have a tracker mortgage with AIB. To avail of the best interest rates I was thinking of the following:
- Borrow the €25K from the mortgage account
- Increase the monthly mortgage payment such that the €25K is paid back over the 4 years.
Thus the loan will be paid back in the same time frame as a car loan but with lower interest charges.
Will the bank allow me to increase the mortgage in order to fund a car. Or can I just tell them that I am doing a house extension (will they look for documentary proof that I am intend extending the house).
Note: By adding the €25K to the mortgage I will still be below the 60% loan/to value threshold for the tracker mortgage.
All feedback welcome!