Struggling to meet repayments.

[zepfan]

First time post.

I was wondering if it was possible to re mortgage a property that is not in negative equity based on current market price of similar home in the area even though the mortgage is only 13 months old.

I have a current banking loan and lease agreement and another fixed standing order to the amount of €1350 per month which are being paid but I know within the next 2-3 months i'm not going to be in a position to pay it .

My mortgage is is €275 per month based on a 55k mortgage with Aib.

Bank loan is with BOI

Lease is with Ge money.



House has a valuation of €150k.

I'm a sole trader and business is on its knees at present with no sign of any improvement in the near future and my health is also becoming a factor.

Total outstanding of unsecured debt is €40k.

Would it be possible that I could remortgage to the value of €90k to pay off my other debts and possibly be left with an approx. repayment per month of €450.

Any advice would be great.

Regards

 

[Joe_90]

I'm a sole trader and business is on its knees at present with no sign of any improvement in the near future and my health is also becoming a factor.

Don't open with that when asking the bank to lend you more money.

Have you tried investigating if the Bank of Ireland would restructure the loan. If the business is struggling do you need the leased asset? How much is each repayment, what the 3rd payment for?

 

[zepfan]

The leased asset is my van and its really needed, I haven't approached the bank regarding restructuring as of yet.

loan - €715.00 per month -- boi business loan but unsecured and in my personal name

lease - €335.00 per month ((this has been restructured)) Ge money

personal loan - €303.00 per month ---Boi

Mortagage - €275.00 per month - AIB