Split mortgage and future borrowings

I

Introuble83

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currently have a split mortgage with AIB . 60k is warehoused at 0% interest . I hope to either move or build a large extension in 5-6 years . Has anyone any experience in top up loans / equity release or new buys whilst having a split mortgage. Would I be better to formally request AIB to move the split balance to the active loan ? I am unsure how lenders view split mortgage when determining repayment capacity.
 
If you cannot afford your current mortgage, you will not be able to borrow more.

With any other lender, I would recommend moving back to full capital and interest.

But AIB is odd in that it's 0% interest without review.

Is it a tracker mortgage? If so, the cost of paying interest on €60k would be negligible and well worth doing.

Brendan
 
I can afford the mortgage repayment with room to save around 350pm. Not a tracker mortgage. I am in the cohert awaiting redress . Should the write off be applied against the split it will wipe most it out . It’s it’s applied to the active my repayments would go down circa 150pm allowing me in theory to save 500pm. I believe I could comfortably borrow 100k on top of my current mortgage
 
I think that you should get rid of the warehouse and start repairing your credit record immediately.

You can afford to do so and it will help you in the long run.

€60k @3% a year is €1,800 . That is what you are saving having the warehouse. But it will stop you from getting a mortgage.

Brendan
 
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