P
pgl
Guest
Hi
Looking for some advice on top up mortgages. Our mortgage is currently euro 238,000 and the house is worth approx euro 350,000. We're looking to get a top up of 70,000 to consolidate debts ( credit union, bank loans ). The snag is that our bank balances don't look to healthy as we have euro 1000 a month going direct from job to credit union and I have a sizeable overdraft which has been negative since as long as I can remember. But affordability isn't an issue as at the moment incl mortgage we are paying euro 2000 per month and with top up mortgage this would be reduced to about 1400-1500 pm. I'm just wondering if the mortgage company would take this into consideration or do they tend to concentrate mostly on bank balance? The irony is that I want the top up mortgage to get rid of the overdraft and other such debts. The ssia will mature in April so I know I could do it then with those funds behind me but I would prefer to do it sooner. Any advice or info from people with similar experience would be great,
Thanks.
The mortgage is with ICS.
Looking for some advice on top up mortgages. Our mortgage is currently euro 238,000 and the house is worth approx euro 350,000. We're looking to get a top up of 70,000 to consolidate debts ( credit union, bank loans ). The snag is that our bank balances don't look to healthy as we have euro 1000 a month going direct from job to credit union and I have a sizeable overdraft which has been negative since as long as I can remember. But affordability isn't an issue as at the moment incl mortgage we are paying euro 2000 per month and with top up mortgage this would be reduced to about 1400-1500 pm. I'm just wondering if the mortgage company would take this into consideration or do they tend to concentrate mostly on bank balance? The irony is that I want the top up mortgage to get rid of the overdraft and other such debts. The ssia will mature in April so I know I could do it then with those funds behind me but I would prefer to do it sooner. Any advice or info from people with similar experience would be great,
Thanks.
The mortgage is with ICS.