loan to purchase campervan

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fishandchips

Registered User
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18
hi
, i am considering purchasing a campervan and have been advised to add the loan to cost to my mortgage, i have about 10 years left in my mortgage which is 58,000 euro, the house value is about 450,000 euro, the cost of the van would be somewhere between 20,000 and 30,000 euro, mortgage is with EBS and was taken out 10 years ago, Financial matters are not my forte and i rarely borrow, i am a long standing member of a credit union and this would also be an option. i therefore seek anyones advice, what would this loan add to my monthly repayments, is this the best way to do it, is the credit union the better option. Would i be mad to spread it out over the ten years any views welcome. the mortgage is variable rate and not an endowment if that makes any differance, thanks in advance
 
my first piece of advice to is save money by not spending it and look at importing from Germany. I spent 32k all-in on mine and I couldn't have done it for less than 43-45k here.

You could always top-up your mortgage by the cost of the campervan, but set the term to 10 years or so. Campers tend to hold their value once they get to 10-15k so you could even get a loan over 20years if it would make things easier and then pay it back... as long as you don't ruin it or write it off!

It's a very small mortage.

A 30k mortgage over 10 years would be about €320/month
over 15 years is €240/month
over 20 years is €200/month

A 20k mortgage over 10 years would be about €210
over 15 years is €160
over 20 years is €130
 
Now that I think about it.... I'm not sure if you can have a top-up longer than the term on the main account... so perhaps you can only take the 10 year option. Never had to ask about that before.
 
PGD1 said:
Now that I think about it.... I'm not sure if you can have a top-up longer than the term on the main account... so perhaps you can only take the 10 year option. Never had to ask about that before.
Click to expand...
PGD1, thanks for the promt reply, Germany was the plan already,typical male i have all the research done on buying the new toy and only now looking at minor considerations like getting the cash(lol) wonder if you can go beyond the mortgage term with the loan ie 15 20 years
 
Many thanks to PDG1 for his help, could anybody address the matter he was unsure of as to whether or not i am limited to the ten year option as mentioned above, what about an unsecured loan or secured loan from a bank, would this be allowed over more than ten years, what is the differance between a secured loan and adding it to the mortgage, pardon my lack of knowledge but surely my house is the collatoral in both cases, my wife is not keen on extending the mortage for this reason. any indication as to the monthly repayements on any of the above would be welcome over the differant periods 10,15,20 years or whatever
 
Why germany? I thought they would be left hand drive.
I know the UK is way cheaper for cars etc. but don't know anything about the camper van market.
 
Thanks for your interest Junni, Left hand drive is not really a problem with campervans as most people will use them a lot of the time on the continent and some of the time here, basically left/right will be the wrong side for some percentage of the usage, and many People (myself included )take the view that its best to have the wheel on the wrong side in the country your used to and the correct side when on holidays. Germans are big into campervaning and hence there is a huge choice available over there (or so i am told) and prices seem competitive. also they have a strict NCT type check over there which ensures regular maintenance unlike our bannana republic in which a heavy family campervan is exempt and a single person fiat cinqocento is required to be tested (i know which i would opt to be rearended by given the choice lol) i would welcome anyone elses views on the matter
 
Hi fishandchips,

You are correct, everything is tested regularly in Germany including the gas systems etc. It's easy driving LHD over here, it's not like you are going to overtake anything anyway.....

For a quick and easy answer on the mortgage.... just ring up an old broker or even your current provider and see what the options are. If you switch provider you will probably be getting into solicitors fees etc etc which will impact the overall cost.

When I had picked out the model I liked I just searched mobile.de and there would be a couple of them appearing every week or so.

There will probably be lots of ex rentals at the end of the summer season. These are likely to be fine and a good price. You only have to look out of things like hinges on internal doors being abused etc. Not sure if your budget would stretch to these nearly new vans though.
 
fishandchips said:
what is the differance between a secured loan and adding it to the mortgage, pardon my lack of knowledge but surely my house is the collatoral in both cases, my wife is not keen on extending the mortage for this reason.
Click to expand...

The main reason for adding it to your mortgage is that you will prob get a much better interest rate than on a personal loan.

Why does your wife have a problem with extending the mortgage and not with using the house as collateral on a different loan. If you use the house as collateral then it is a mortgage even if you or the bank call it something else.

happy motoring
 
Hi,
I dont think adding the cost of this to a mortgage would be a good idea despite the low mortgage you currently have left.
I would hit the CU for a motor loan. Much less interest over the term of the loan than how it would work out over the term of the mortgage.
That said, saving would be best option.
Kippy
 
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