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.
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