urgent mortgage needed

www.rea.ie

I see Sarah is using this forum as a form of advertising. Is this activity allowed on such a forum?
 
yes that's right 1 and 2 are both interest only.

It seems to me that the investment properties are almost irrelevant, we are asking for more than the amount normally given to someone on my husbands wages I know that. If we hadn't already had an offer (albeit impossible to fulfill) I would just accept it can't be done and then try something else but knowing we were so close keeps me trying ( at least for anoth few days).
 
bobboy said:
www.rea.ie

I see Sarah is using this forum as a form of advertising. Is this activity allowed on such a forum?
Click to expand...


i dont think anyone minds since she provides extremely valuable information on a very regular basis
 
So there is conditions attatched to whether one can advertise or not. One rule for one person and another for someone else. Interesting.......
 
Sarah, the 78K doesn't include the bonus. last P60 says 86K in total.

we need 410K to build but yes to also clear the site we would need the 60K too. The finished house value has been estimated at 750 -800K/
 

That's seems to be it in a nutshell. Maybe the original 'advice' of selling one of your investment properties, or remortgaging, is the only route. Though not quick, in the current market you could probably cut a deal in a couple of weeks.
 
bobboy said:
So there is conditions attatched to whether one can advertise or not. One rule for one person and another for someone else. Interesting.......
Click to expand...
I'd say the nature of the product or service being endorsed/promoted might also have something to do with it..?

I know, I probably just don't 'get' multi-level marketing, pyramid-shaped or not.
 
Yes that's what we'll have to do if I really can't find a lender - sell one and use the profit for build. I really doesn't make sence to me though as we would effectivelt be worse off monthly plus overall. Also a lot is involved re our timeline and it'll be a real shame if we miss it.
 
bobboy said:
So there is conditions attatched to whether one can advertise or not. One rule for one person and another for someone else. Interesting.......
Click to expand...
No - the apply to all and sundry.
 
Thats an impressive list of investments. I think you should look again at selling some of your investments and putting the proceeds towards your house - maybe I'm naive, but given the overall value of your investments, you really shouldn't need to borrow so much.
 

Exactly. At the end of the day what is the purpose of these investments if not to provide you with a sound and secure future. Cashing one in to pay for your family home seems like a perfectly sound investment decision. It's very easy to get caught up the notion that owning property is the be all and end all of everything.
 
Over the past 6 weeks or so we have tried all the lenders I can think of but as I've said each time a lender is approached we get a different offer amount or condition.

One of the other complications we have is that it is an Eco house and therefore is not concrete built - some lenders don't like this either.

Can you recommend an equity based lender? I have been advised that that would be best for us.

Also, Sarah, or anyone, could you tell me the difference between 'assigning' a bond and 'putting a lien on it'? I thought it was the same thing but it seems not.
 
I've forwarded this thread to a couple of lenders to get their views so should have something back this afternoon. With regard to the construction I think as long as it is signed off by your architect/engineer and is readily saleable this shouldn't be an issue.

There are no "equity" lenders as such in Ireland - all require proof of income to underwrite the proposal.

It's my understanding (and I could be wrong so don't quote me!) that if you assign the bond the lender become the legal owner of the bond and it's proceeds in the same way that you assign a mortgage protection or life insurance policy. A lien on an asset, bond or policy means that it still belongs to you and the proceeds will be paid to you but you can't dispose of it or cancel/sell it without the permission of the lender.

Sarah

www.rea.ie
 
Thanks for that Sarah.

I think your explaination sounds about right - I suppose that's why the lenders want to assign it.
 
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