Mortgage for downsize

[ClubMan]

Will do this.

While you're at it you should clarify this...

No debts other than mortgage and 1500 credit union loan...

If that's €1,500 outstanding balance then why don't you clear it with your savings/shares so that your chances of getting a mortgage are improved?

If it's €1,500 per month in repayments then what are the details of this loan? Remaining balance and term and rate?

 

[unstacked]

While you're at it you should clarify this...

If that's €1,500 outstanding balance then why don't you clear it with your savings/shares so that your chances of getting a mortgage are improved?

If it's €1,500 per month in repayments then what are the details of this loan? Remaining balance and term and rate?

That is the plan. It's with the CU. No arrears.
It was in my proposal to AIB...

 

[unstacked]

What is your plan in terms of housing when the house is being renovated? Did you get the renovation professionally costed? As noted above, the cost changed between posts. Can the house be lived in without the renovation as an 80k renovation is quite substantial? Is part of this renovation a nice to have or is everything needed in the short term. I think that while downsizing is perhaps the best option, the way you have been tackling it is somewhat irrational. You created difficulties for yourself in the long run going into arrear with 70k savings, you have put your house for sell and are also sale agreed without having an agreement and a clear plan on how to get the money needed. The amounts you need to borrowed varied from 147 to now less than 100. If I was the buyer or the seller involved, I would run away fairly promptly.

I am not going into detail here on my previous situation or my plans for where I will be while renovations are to happen. I originally asked about advice on smaller mortgage and basically how to deal with AIB. I think I have achieved an awful lot...and am.happy with how this has turned out so far. I have not run into difficulties and I am nearly there. I am trying my hardest to service my debt not run away or even dodge it. Just looking for AIB to support my move

 

[Premos]

Your proposal was 2 months ago, have you been in contact with aib since? Were you already sale agreed? My question on living arrangements were just linked to your costing. I really don't care where you live but if you need to add 3 to 6 months accommodation (or more), that could be fairly important considering the cost of rental currently.

 

[Monbretia]

Plus of course you can't actually move into the new house if you are applying for the vacant homes grant, have to get approval first while it's still empty so need to consider accomodation for that stage whatever about the following renovations.

 

[unstacked]

Plus of course you can't actually move into the new house if you are applying for the vacant homes grant, have to get approval first while it's still empty so need to consider accomodation for that stage whatever about the following renovations.

I know and I have that all organised

 

[Premos]

As aib seems to be the only option, have you been in contact with them over the past 2 months (it's the date I gathered you made the proposal)?

 

[ClubMan]

That is the plan. It's with the CU. No arrears.
It was in my proposal to AIB...

That doesn't clarify much to be honest.
You'd be better off doing a Money Makeover post and including all relevant and accurate figures and info up front.
This thread so far is very confusing because of changing figures and additional information being added in dribs and drabs...
If you don't want to do this then it's not really going to be possible for others to offer useful advice/feedback.

 

[Dublin Walker]

Alot going on this year ....divorce was my primary focus Clubman.

House cost in region of 290k
Have 213k profit from sale of PPR
Less 25K Savings
Less 45k shares
7K needed to purchase

Renovations are in region of 80k
Less Vacant Property Grant 50k....
( yes I know this isn't guaranteed.)..

If over 60 you might qualify for a Spry Finance mortgage.

 

[ClubMan]

Plus of course you can't actually move into the new house if you are applying for the vacant homes grant, have to get approval first while it's still empty so need to consider accomodation for that stage whatever about the following renovations.

Are you sure about that?

Vacant Property Refurbishment Grant

The Vacant Property Refurbishment Grant provides funding so you can refurbish vacant properties to live in or rent out.

www.citizensinformation.ie

https://assets.gov.ie/256936/bf727a33-a830-4b09-8917-aaf4e324a886.pdf

13. Can I move into the property once I submit an application to the local authority?

Yes. Once confirmation of vacancy is submitted along with your grant application, you can move into the property, once the application is submitted. Note – the property must be vacant for 2 years prior to date of application.

 

[Monbretia]

Are you sure about that?

Vacant Property Refurbishment Grant

The Vacant Property Refurbishment Grant provides funding so you can refurbish vacant properties to live in or rent out.

www.citizensinformation.ie

https://assets.gov.ie/256936/bf727a33-a830-4b09-8917-aaf4e324a886.pdf

Going by what I read on the Derelict/Vacant Homes FB discussion site, the general advice is don't move in until approved, maybe it differs by region I don't know, there seems to be different procedures implemented in various areas especially in relation to evidence of vacancy but either way it takes a while to get the quotes/info together to even make the application.

 

[ClubMan]

Going by what I read on the Derelict/Vacant Homes FB discussion site, the general advice is don't move in until approved, maybe it differs by region I don't know, there seems to be different procedures implemented in various areas especially in relation to evidence of vacancy but either way it takes a while to get the quotes/info together to even make the application.

Sorry, I misread your post was suggesting that one couldn't move in until the work was done. My mistake...