Remortgage

It depends on various factors - e.g. the size of the loan, the initial and current loan to value ratio, the amount of the repayments as a proportion of your disposable income, the purpose of the top-up etc. etc. You probably need to post more details.
 
thanks for your reply


we borrowed 96,400 and the house when built will be worth 245,000 we will want to remortgage to pay off car loan credit union and furnish house so we would want to borrow €180,000 (inclusive of 96,400 existing mortgage)

Income - €21,000 & €21,000 approx
 
Based on your incomes and a 71% loan to value you should have no problems raising €180,000 - assuming you will have no other ongoing loan commitments. Who is your mortgage currently with? It might be worth asking about a top up before going to the time and expense (unless you avail of the EBS's or Ulster Bank's fees free switcher offer) of a remortgage.

Kind regards,

Sarah

www.rea.ie
 
Also - if you remortgage to cover existing loans then try to schedule the top-up over a similar period to the original loans rather than stretching it over 20 years plus which would probably result in you paying a lot more in the long run. How much are the loans and what is your budget for furnishing that you think you need to double your mortgage!?
 
I borrowed €22,000 from credit union to purchase site, €7000 car loan, €15,000 extra to extend attic conversion, €10,000 to put towards wedding abroad, and the rest to furnish house.

The free switcher with ebs sounds interesting will look into that.

House will not be built for another 5 - 6 months so i just want to be prepaired

thanks for all the advice
 
€54K leaves about €30K of the top-up to furnish the house! Do you have expensive tastes or something!? Why not do the house incrementally room by room rather than trying to do it all in one go? (Or is it only mugs like us that continue to do that in recent years in order to prevent costs ballooning out of control?! :eek:).

You should bear in mind that EBS are not the most competitive of lenders in spite of their mutual status. You should weigh up the benefits of subsidised switching fees versus the long term costs of being on a higher rate than might be available elsewhere. Some other lenders offer better rates and also subsidise or subsume switching costs (e.g. UB as mentioned by Sarah).
 
I had an apartment before this house and i would like to do it all at once dont have the patience to do it bit by bit and when im doing up the house i want to put the best into it ... it will be of benefit in the long run.

I was also thinking that i might use some of it to invest in a second property and rent out....

will also take into account what you said about the ebs.
 
missey said:
I was also thinking that i might use some of it to invest in a second property and rent out....
Click to expand...
You really should do a proper financial review before jumping to conclusions about what investments might be suitable for your needs. Seems to me that too many people are jumping into property investment just because it seems like a good idea but without actually considering possible alternative investments and crunching the numbers to assess the viability of the plan and its suitability to the individual's needs and circumstances.
 
its just something that ive wanted to do for awhile if not this year in the next few. I work in auctioneers so could get first refusal on some properties or can buy from some plans. I know it wouldnt suit some people but it would be my first preference if i had money to invest. But thanks for your opinion anyway
 
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