serotoninsid
Registered User
- Messages
- 1,754
I have come across a property I want to purchase.
I need €100k to purchase. I have €80k cash. I have every reason to believe that I can accumulate the 20K relatively quickly - as in within a maximum of 12 months. I'm thinking that going down the mortgage route is going to frustrate the hell out of me and delay things. The property needs considerable refurbishment. I plan on doing this on a piecemeal fashion - but I fear the bank will want to take this into account too - if I go the mortgage route.
Therefore, I was wondering what my chances would be simply to get a 20K loan for home improvements based on my current PPR?
Income
I earn 25k Net income pa. (that's net of everything including vhi and avc's.)
Rental income (rent a room scheme) of 220/month
Expenditure
Mortgage of 110K (property in negative equity - with a current market value of 75K).
Mortgage payments of 450/month - TRS (€36/month) = net mortgage payment of €414/month
No other loans
No car finance
No credit card debt whatsoever (use visa debit card exclusively)
Clean credit history
6 years of mortgage repayment history with No missed payments.
I'd be grateful for folks input on the above - and whether it's feasible or not? Also, I would need a loan that wouldn't have any penalty for paying it off early (given that I expect to accumulate the loan sum within a very short timeframe). Is this normally possible with loans of this nature? Do the bank look for bills or other proof in relation to 'home improvements'? Any other info that others reading this can highlight would be very welcome.
I need €100k to purchase. I have €80k cash. I have every reason to believe that I can accumulate the 20K relatively quickly - as in within a maximum of 12 months. I'm thinking that going down the mortgage route is going to frustrate the hell out of me and delay things. The property needs considerable refurbishment. I plan on doing this on a piecemeal fashion - but I fear the bank will want to take this into account too - if I go the mortgage route.
Therefore, I was wondering what my chances would be simply to get a 20K loan for home improvements based on my current PPR?
Income
I earn 25k Net income pa. (that's net of everything including vhi and avc's.)
Rental income (rent a room scheme) of 220/month
Expenditure
Mortgage of 110K (property in negative equity - with a current market value of 75K).
Mortgage payments of 450/month - TRS (€36/month) = net mortgage payment of €414/month
No other loans
No car finance
No credit card debt whatsoever (use visa debit card exclusively)
Clean credit history
6 years of mortgage repayment history with No missed payments.
I'd be grateful for folks input on the above - and whether it's feasible or not? Also, I would need a loan that wouldn't have any penalty for paying it off early (given that I expect to accumulate the loan sum within a very short timeframe). Is this normally possible with loans of this nature? Do the bank look for bills or other proof in relation to 'home improvements'? Any other info that others reading this can highlight would be very welcome.