M
misterskint
Guest
I'm self employed in construction and have recently bought a new house for 300k. I have done a lot of work to it and it has been valued at 580k on completion. However I'm very low on cash to finish it (finishing touches need to be done kitchen ,tiling etc.)
I also have another house with a value 230k with mortgage of 190k that I intend to sell when I have finished all the work in the new house.
I bought the new house at below market value 6 months ago. I now want to remortgage the new house to pay 20k off loans and get 45k cash back to finish the work.
My drawings from my business are 75k per year and by paying off the 20k loans I would reduce monthly outgoings by €1,400 but, of course, would have to pay the extra top up amount.
When I met the mortgage advisor she seemed very pessimistic about me being able to get the top up due to having a lot of personal loans/car loans i.e. 3 business vans, workshop rent. She doesn’t seem to care that these are paid through gross earnings and not out of my drawings. The way I see it is if I can manage to pay €1400 per month at the moment how would paying the top up loan of approx 500 a month instead be a problem?
Does anyone have any advice or experience in a similar position as I seem to be missing the lenders point of view.
Sorry if my questions are a bit erratic but its hard to write it in a way that makes sense.
I also have another house with a value 230k with mortgage of 190k that I intend to sell when I have finished all the work in the new house.
I bought the new house at below market value 6 months ago. I now want to remortgage the new house to pay 20k off loans and get 45k cash back to finish the work.
My drawings from my business are 75k per year and by paying off the 20k loans I would reduce monthly outgoings by €1,400 but, of course, would have to pay the extra top up amount.
When I met the mortgage advisor she seemed very pessimistic about me being able to get the top up due to having a lot of personal loans/car loans i.e. 3 business vans, workshop rent. She doesn’t seem to care that these are paid through gross earnings and not out of my drawings. The way I see it is if I can manage to pay €1400 per month at the moment how would paying the top up loan of approx 500 a month instead be a problem?
Does anyone have any advice or experience in a similar position as I seem to be missing the lenders point of view.
Sorry if my questions are a bit erratic but its hard to write it in a way that makes sense.