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DrPhilG
Guest
I'm getting married next year, a terrifyingly expensive process. I also need to renovate 2 rooms in my house in preparation for the missus moving in.
All in all I reckon I'll need approximately €50,000 to pay off the wedding in full and do all the renovations/furniture buying needed for the house.
At the current rate I'm saving at, I reckon I'll have a total of €18,000 saved by next May which is when I'll be making the loan application.
The CU have told me that the general rule is that they'll lend up to 3 times your savings so €50,000 is within that. However they did say that for loans of that size they will have to meet and discuss it.
Has anyone else had experience of big loans from the CU, and are they likely to have any problems with it in the light of the current credit crunch? Our combined income is just over €3,000 a month and our mortgage is only €700. That combined with the fact that (at current projections) we've saving about €15,000 a year means that in my opinion we're a safe bet for the loan but I'm just wondering what they think.
Anyone have any ideas?
PS, if the Cred say no, I'll have to borrow €30,000 from a bank and top it up with the €18,000 we'll have saved. I wonder if the thought of losing a €18,000 savings account rather than lend out €50,000, (with €18,000 of it secured by the savings) will persuade them to allow the loan?
All in all I reckon I'll need approximately €50,000 to pay off the wedding in full and do all the renovations/furniture buying needed for the house.
At the current rate I'm saving at, I reckon I'll have a total of €18,000 saved by next May which is when I'll be making the loan application.
The CU have told me that the general rule is that they'll lend up to 3 times your savings so €50,000 is within that. However they did say that for loans of that size they will have to meet and discuss it.
Has anyone else had experience of big loans from the CU, and are they likely to have any problems with it in the light of the current credit crunch? Our combined income is just over €3,000 a month and our mortgage is only €700. That combined with the fact that (at current projections) we've saving about €15,000 a year means that in my opinion we're a safe bet for the loan but I'm just wondering what they think.
Anyone have any ideas?
PS, if the Cred say no, I'll have to borrow €30,000 from a bank and top it up with the €18,000 we'll have saved. I wonder if the thought of losing a €18,000 savings account rather than lend out €50,000, (with €18,000 of it secured by the savings) will persuade them to allow the loan?