Can we release equity to buy a new home?
- Thread starter Ropad22
- Start date
Do they not teach the kids how to use paragraphs in your school?
Your borrowing capacity depends, on the income and the security available.
The central bank rules allow you to borrow 3.5 times your income. So €385k, the bank has approved you for only €280k. I suggest that the car loan may explain a big part of the difference.
If you use the money you have to pay off the car finance. €380 per month equates to about €80,000 of borrowing capacity. You should be able to get the bank to approve a higher figure.
That still leaves an issue with the deposit. You say that your husband owns the property, and that you and he pay rent on it. These cannot both be correct. If your husband owns the property any money he gives his parents is just a gift. On the other hand if his parents own it and intend that he inherit it, then he does not own it.
If he does own the house you now live in you may be able to raise finance against it to fund a deposit with a non standard lender. This would be separate from the mortgage.
The €380 a month might cover those payments.
Your borrowing capacity depends, on the income and the security available.
The central bank rules allow you to borrow 3.5 times your income. So €385k, the bank has approved you for only €280k. I suggest that the car loan may explain a big part of the difference.
If you use the money you have to pay off the car finance. €380 per month equates to about €80,000 of borrowing capacity. You should be able to get the bank to approve a higher figure.
That still leaves an issue with the deposit. You say that your husband owns the property, and that you and he pay rent on it. These cannot both be correct. If your husband owns the property any money he gives his parents is just a gift. On the other hand if his parents own it and intend that he inherit it, then he does not own it.
If he does own the house you now live in you may be able to raise finance against it to fund a deposit with a non standard lender. This would be separate from the mortgage.
The €380 a month might cover those payments.
Brendan Burgess
Founder
- Messages
- 52,018
Agree with creme egg on this. Most people will give up, as I did, on reading your question.
Split it into paragraphs if you want answers.
Brendan
Ok apologies about the lack of paragraphs. Was typing in a rush. Thanks for the less than friendly advice. When I said rent to my parents in law I meant a good will rent. The house is my husbands.
I will be sure to break up any future requests. Mind you if this is the tone that requests are answered in I will most likely avoid.
Posted this against my better judgement anyway.
I will be sure to break up any future requests. Mind you if this is the tone that requests are answered in I will most likely avoid.
Posted this against my better judgement anyway.
PaddyBloggit
Registered User
- Messages
- 3,745
No need to sulk. It's your loss if you don't want to fix your initial post into paragraphs.
You'll get great (free) advice here but you'll have to make your request a little more legible.
I don't sulk. I'm just removing myself from the conversation and for the record, had I not mentioned I was a teacher would my lack of paragraphs have been commented upon in such a tone?
Doubtful.
I do however teach my pupils how to deal with unfriendly and unkind remarks online.
Walk away. And that's what I'm doing now.
Hope my paragraphs suffice here.
Doubtful.
I do however teach my pupils how to deal with unfriendly and unkind remarks online.
Walk away. And that's what I'm doing now.
Hope my paragraphs suffice here.
PaddyBloggit
Registered User
- Messages
- 3,745
Yes they would have.
I never got to the part where you are a teacher. The lack of paragraphs is off putting and it makes the post difficult to read.
I'm sorry for upsetting you. Give AAM a chance. You will get good, meaningful replies here.
To get a proper view/analysis of your financial situation you should fill out a Money Makeover template => available here:
https://www.askaboutmoney.com/threads/basic-information-required-for-the-money-makeover-forum.61289/
I no longer feel this is the forum for me. "Creme Egg's" initial reply was enough to make me want out. I even regret giving such personal information on such a forum. I would never usually do such a thing and will stick to working it out with trusted advisors from now on.
Nobody has upset me. I'm not that easily upset really. I would have changed my initial message into paragraphs had I been asked to do so in a civil tone and without cynicism. But for now, I've deleted it.
Interestingly I can't find on here how to leave the site/forum completely but I'll work that one out in the morning. Good luck to all searching for friendly online advice. I'm sure it does exist somewhere
Nobody has upset me. I'm not that easily upset really. I would have changed my initial message into paragraphs had I been asked to do so in a civil tone and without cynicism. But for now, I've deleted it.
Interestingly I can't find on here how to leave the site/forum completely but I'll work that one out in the morning. Good luck to all searching for friendly online advice. I'm sure it does exist somewhere
Wow.
As a frequent poster here I certainly do not wish to deter new members.
I do understand that my opening remark could be taken the wrong way. However I think that the OPs reaction was unreasonable and excessive. Perhaps there are further issues here that we are unaware of
The reality is that I put a fair amount of effort into deciphering the original post, and gave the best advice I could and did so in good faith. Again this involved a certain effort on my part.
A little recognition of this would not have been inappropriate.
Good.
However
I hope somebody else teaches them a little maturity.
As a frequent poster here I certainly do not wish to deter new members.
I do understand that my opening remark could be taken the wrong way. However I think that the OPs reaction was unreasonable and excessive. Perhaps there are further issues here that we are unaware of
The reality is that I put a fair amount of effort into deciphering the original post, and gave the best advice I could and did so in good faith. Again this involved a certain effort on my part.
A little recognition of this would not have been inappropriate.
Good.
However
I hope somebody else teaches them a little maturity.
Last edited:
And I thank you for your reply and the effort you went to... perhaps the "further issues" were that I posted my original message early in the morning. Wrong time of day for me after being up in the night with two young children. So the paragraphs went to the wayside.
I'd prefer not to get into a battle of who was right and who was wrong.... so in the interest of being "mature" let's leave it at that. I appreciate the big effort you went to to deciphering my post and I've now decided that I'd prefer not to post online about stuff like this.
'Twas a moment of weakness that made me post on a public forum anyway. Usually wouldn't do so. Regardless of anyone's answer. To my mind, a reasonable person would say: apologies but I'm finding it difficult to follow your question.. would you mind breaking it into paragraphs to make it more easily understood... but then who am I to preach about being reasonable when my reaction was "unreasonable and excessive"!!
I do hope you treat your face to face contacts with less cynicism.
All the best
No hard feelings
I'd prefer not to get into a battle of who was right and who was wrong.... so in the interest of being "mature" let's leave it at that. I appreciate the big effort you went to to deciphering my post and I've now decided that I'd prefer not to post online about stuff like this.
'Twas a moment of weakness that made me post on a public forum anyway. Usually wouldn't do so. Regardless of anyone's answer. To my mind, a reasonable person would say: apologies but I'm finding it difficult to follow your question.. would you mind breaking it into paragraphs to make it more easily understood... but then who am I to preach about being reasonable when my reaction was "unreasonable and excessive"!!
I do hope you treat your face to face contacts with less cynicism.
All the best
No hard feelings