I currently have a variable rate term loan and an overdraft with Bank Of Ireland. The total of the two loans is approx. 10k. I have a perfect and long credit history and a decent salary (approx. 55k), secure job etc.
I used the loans to perform some essential upgrades on one of my investment properties. I plan to pay both off within the next six months but will need to borrow approx. 10k immediately afterwards in order to pay back a loan received from a family friend in 2009 (this money was also needed to fund the property upgrade).
I have the impression that the banks will be reluctant to lend to me as I will be using the money to pay down debt and not acquire an asset. I am not a member of a credit union and cannot afford to save anything between now and the date I plan to take the loan - all my spare cash will be used to pay down my existing loans.
Does anyone have any advice on how to approach this - has anyone got a debt consolidation loan from their bank, what rates were offered? (I had an offer from BOI last year to convert my OD to a term loan - I declined it as the rate on the term loan was approx. 14.5%) Maybe, I should tell the bank that it's for a home improvement? If so, are they likely to ask for a builders quotation etc?
I used the loans to perform some essential upgrades on one of my investment properties. I plan to pay both off within the next six months but will need to borrow approx. 10k immediately afterwards in order to pay back a loan received from a family friend in 2009 (this money was also needed to fund the property upgrade).
I have the impression that the banks will be reluctant to lend to me as I will be using the money to pay down debt and not acquire an asset. I am not a member of a credit union and cannot afford to save anything between now and the date I plan to take the loan - all my spare cash will be used to pay down my existing loans.
Does anyone have any advice on how to approach this - has anyone got a debt consolidation loan from their bank, what rates were offered? (I had an offer from BOI last year to convert my OD to a term loan - I declined it as the rate on the term loan was approx. 14.5%) Maybe, I should tell the bank that it's for a home improvement? If so, are they likely to ask for a builders quotation etc?