Hello,
I have a small-ish mortgage, a house that it worth over double my mortgage, but then a lot of other debt (all debt is related to building the house, on one income, in the last year with costs sky rocketing).
Current situation -
Salary €63,000
Mortgage €187,000
House valuation €430,000 (would probably sell for more, no way I'm selling!)
Loans (from parents/credit union) €76,000
Income : €3200 + €720 (rent a room) = €3920 pm
I've Googled and I can see that I can release some of the equity for house improvement , education or medical expenses. Does anyone know of a provider who would do it for clearing debt? Even if I could get my mortgage to 3.5x my income it would clear €33,000 of debt. I do some side jobs, I'm going to be paid €7k (after tax) for one soon. So, I can pay this off. But I've saved aggressively for the last 5-6 years to get this built. I would like to be able to go back to living normally again sooner than 5 or so years.
Thanks
I have a small-ish mortgage, a house that it worth over double my mortgage, but then a lot of other debt (all debt is related to building the house, on one income, in the last year with costs sky rocketing).
Current situation -
Salary €63,000
Mortgage €187,000
House valuation €430,000 (would probably sell for more, no way I'm selling!)
Loans (from parents/credit union) €76,000
Income : €3200 + €720 (rent a room) = €3920 pm
I've Googled and I can see that I can release some of the equity for house improvement , education or medical expenses. Does anyone know of a provider who would do it for clearing debt? Even if I could get my mortgage to 3.5x my income it would clear €33,000 of debt. I do some side jobs, I'm going to be paid €7k (after tax) for one soon. So, I can pay this off. But I've saved aggressively for the last 5-6 years to get this built. I would like to be able to go back to living normally again sooner than 5 or so years.
Thanks