munsterfan
Registered User
- Messages
- 20
Hi
Currently looking at sites around north cork area as we want to move and build dream house. Situation is that we have about €105000 of a mortgage to repay on a house worth hopefully €400000 (Banking on at least €375000).
Ideally what we would like to do is get a top up on the mortgage to pay for this new dream house, thus having one house essentially free.
We currently have about €16000 in savings which will more than cover the deposit of the site and the associated fees . We could feasibly save about €1200 - €1500 a month.
My question is would we be better off paying this extra on the mortgage thus reducing the amount we owe and then requesting a top up when we need it for the build or saving away in a high interest a/c such as Rabo Direct.
I have my idea but I want to get a few opinions here first
Thanks
Currently looking at sites around north cork area as we want to move and build dream house. Situation is that we have about €105000 of a mortgage to repay on a house worth hopefully €400000 (Banking on at least €375000).
Ideally what we would like to do is get a top up on the mortgage to pay for this new dream house, thus having one house essentially free.
We currently have about €16000 in savings which will more than cover the deposit of the site and the associated fees . We could feasibly save about €1200 - €1500 a month. My question is would we be better off paying this extra on the mortgage thus reducing the amount we owe and then requesting a top up when we need it for the build or saving away in a high interest a/c such as Rabo Direct.
I have my idea but I want to get a few opinions here first
Thanks