I want to finance a wedding, to take place next spring, in New Zealand. I need ten grand, but I don't want a personal loan. I have a mortgage of 200,000 with AIB, that I have been paying for a year, and I have a lot of equity in the house. Any ideas?
You could top up the mortgage and pay it off ASAP.
It's still a loan though. A 10 year loan paid off over a year or so would not cost much more and you wouldn't have to tell porkies to the bank.
The cheapest way is probably to extend your mortgage as long as the legal costs are not too high. I see no problem in paying off a loan for your wedding over 20 years. You will probably have your wife longer than you will have the house.
How about saving up the money in advance? If a couple have to borrow the whole cost of their wedding, then I would argue that they can't afford that sort of wedding. The essentials of a wedding cost very little. The rest is just window dressing.
What above the above? The Irish Financial Services Regulatory Authority do a guide on personal loans and credit that details the pros and cons of different type of loans .. see link below www.itsyourmoney.ie
I'm not totally against the most important day of her life thing at all. I think the "importance" of the day is not enhanced by spending a fortune on it. Equally I wouldn't accept that it is dimished by spending less. If you have the money and you want to do it, off you go. I just don't think a day you go into 10k of debt to have a party is the most important day of your life except for a lot of bad reasons!