Top up Mortgage to cover Loan?

[Mitten]

I am an avid reader of this forum but this is my first time posting so please bear with me. I am looking for some financial advise as to what my best options are –

Current situation -

Joint Income - €70,000

Loan with BOI - €22,000 (car loan and student travel loans that have never gone away!)

Mortgage of 227,700 with AIB – the value of the property is currently €317,500.

Savings - €9,000 SSIA and approx €4,000 in saver accounts.

We are getting married soon and plan on using the SSIA and savings to cover the cost of this.

Our car is giving trouble and is looking like it will need to be re-placed €5,000 approx which I imagine we will need to top up our loan for.

My question is – would we be advised to top our loan up to €27,000 (incl car loan) and then add this to our mortgage, rather than paying it off monthly as we currently are?

All advise greatly appreciated!

 

[asdfg]

Re: Best Way To Proceed

Pay it off monthly over as short a period as you are comfortable with. (Max 5 years)

Don't add it to the mortgage as you will be paying a high amount in interest when you average it over 20 plus years.
I think you end up paying over twice the amount back in interest alone if you go the mortgage route as against a normal loan of say 8% over 5 year. Problem is cash flow.

 

[shootingstar]

Re: Best Way To Proceed

Pay it off monthly over as short a period as you are comfortable with. (Max 5 years)

Don't add it to the mortgage as you will be paying a high amount in interest when you average it over 20 plus years.
I think you end up paying over twice the amount back in interest alone if you go the mortgage route as against a normal loan of say 8% over 5 year. Problem is cash flow.

asdfg - i would have thought that it wouldnt hurt his pocket as bad if he put it on his mortgage. I know its longer but you wouldnt see it as bad as you would say 5 years??

 

[Mitten]

Title amended Clubman.

The reason i was interested in the top up mortgage option was on a month to month basis it would have a small impact versus the €600 approx that a loan currently costs over 5 years. Does the fact that our apartment is now valued at so much more have an impact on this matter?