Top Up Query

New to this site and just wondering if I could get some help! Have just bought a house for €230,000, got our mortgage with First Active current account mortgage. To get this mortgage we borrowed the deposit of €25,000 from parents and also have a personal loan for €10,000. Want to repay parents immediately and ideally the personal loan, just wondering if we have any options and how to go about them. Is it possible to put more onto the mortgage or is a top up our only option after 6-12 months? I earn €35,000 fiance earns €22,000.

What is the current market value of the property since one important metric in this will be the loan to value ratio (loan amount divided by the market value of the property expressed as a percentage). In addition your earnings, repayment capabilities and other debts will be taken into account. Given that your loan is already 4 times your gross income you may be lucky to get a top-up at this early stage of the loan but I could be wrong. If at all possible repaying the debts that you mention via a mortgage top-up (ideally scheduled for repayment over a shorter period than the full mortgage term) would be the most prudent way to manage things. However note that if you spread the top-up over the full term of the mortgage then you could pay more in interest in the long run compared to a higher rate personal loan of a few years duration.