can't get a mortgage- possible to get a personal loan for 100k?

Hi there
For various reasons we are not in a position at the moment to get a mortgage (husband contracting/ multiple celtic tiger properties
We are on top of everything and have a monthly net income of 9.5 k.
We are int eh lucky position of being gifted a site and are currently trying to get together enough money to build it - we have about 220 k cash.. we will still be 100k short.
My question is are there any options around a personal loan for 10 years? I am a member of a credit union but they only seem to give loans for 5 years? We have no existing personal/ car loans etc..just those lovely multiple celtic tiger I mentioned earlier...

Hi kerbs

If you have mutiple properties and multiple mortgages, I think you should be trying to reduce your exposure to property and interest rates. You should not be increasing your property exposure by €320k and your loans by €100k.

You may well be able to use the cash to get a discount on paying off some cheap trackers early. After a few years when your negative equity is reduced and when normal lending has resumed, you will be in a much better position to build a new house.

Brendan

There must be very good reasons why you cannot get a mortgage that you are not outlining here. In those circumstances why on earth would you want to borrow such an amount to increase your debt. Do you realise the interest rate on that?

If you have a net monthly income of neary 10k, you could save 100k in a few years? I presume you have somewhere to live now, so there isn't any particular hurry to build, just because you are getting a free site.

Or at least save half - 50K - then take a credit union loan for 50k over 5 years, it will be less risky.