Re-Mortgaging

E

EmmaJane

Registered User
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25
Hi All
Just a small request for advice. My Aunt kindly gave me €15,000 this year, to help me onto the property ladder. I purchase a 3-bed duplex for €240,000, however with the €15,000, i only had to get a Mortgage of €225,000. I need to repay her this money , by next Sept, and i cant ask my credit union, as i borrowed €7,000 off them this year to get started with my decorating etc.. Now my house is finished. I keep up to date with all my repayments for the credit union loan, and my mortgage, as everything is just taken direct debit. However i still need to pay her back, and im thinking of Re-Mortgaging next Sept to pay her back. Do you think that this is a good idea? Or does anyone have any other ideas to raise this money.. Would i be a suitable candidate for re-mortgaging say 18 months into their 1st mortgage?? All answers welcomed. Thanks..
 
You can re mortgage if you have equity in the property. At the minute you have approx 7% equity - that is your property is valued at €240000. Whether or not you can remortgage really depends on the valudation on your property next September..
 
EmmaJane said:
Hi All
Just a small request for advice. My Aunt kindly gave me €15,000 this year, to help me onto the property ladder. I purchase a 3-bed duplex for €240,000, however with the €15,000, i only had to get a Mortgage of €225,000. I need to repay her this money , by next Sept, and i cant ask my credit union, as i borrowed €7,000 off them this year to get started with my decorating etc.. Now my house is finished. I keep up to date with all my repayments for the credit union loan, and my mortgage, as everything is just taken direct debit. However i still need to pay her back, and im thinking of Re-Mortgaging next Sept to pay her back. Do you think that this is a good idea? Or does anyone have any other ideas to raise this money.. Would i be a suitable candidate for re-mortgaging say 18 months into their 1st mortgage?? All answers welcomed. Thanks..
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Hey EmmaJane,

I remortgaged within a year of buying my place to pay back a credit union loan. I had equity in my place though and the bank did it no problem.

If you have equity then go for gold, if not you'll find it difficult to do.
 
refinancing if you have the equity is fine, or else you can ask your current lender for a top up loan, but is always a good idea to shop around as banks are gettingt very competative with each other. if you do not have the equity in your property to add in the loan, you could consider doing a straight swap to a lender that does interest only, this would lower your outgoings a lot, thus making it easier for you to pay back the other loan quicker. when the other loan is gone you could go back to paying interest and capital on your mortgage.
 
no, you an go through any broker. I'd enquire as to whether the brokers you approach charge fees or not. This could save you a few hundred quid.

J
 
Or depending on your job and your income, the bank might take a view that you are a good risk. It makes the matter of borrowing money from a relation a real headache, but remember she was good enough to lend it in the first place.
 
exactly..i dont care really where i get it, as long as i pay her back by about next sept..
 
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