just need a bit of help/advice...
we have gotten ourselves into a situation and are at an end as to what to do...
where we are :
myself
loan - ulster bank €8,000,€210 p/m
cc - bal 3000, trying to clear , just making min - missed 1 month in last 6
currently earning 2700 take home p/m
partner
loan - mbna €9000, 209 p/m
ge car loan €15k, 409 p/m
cc - bal €1500, trying to clear , just making min - missed 1 month in last 6
currently earning 1600 take home every for weeks.
mortgage 162k, 836 p/m
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bought a house in july last year, mortgage 162k, 132k for the property, 30k to renovate.
we spend the 30k within a few weeks on the property as we had under estimated the cost of renovating it and spend a little more on the insulation, electrics etc. than we expected. From quotes we are still about 25k away from being done. windows, 2nd fix elec and plumbing.
In Jan/Feb this year.
when we went back to our mortgage company (EBS) to get additional funds they said no.
During the renovation it was paid in stages, however as it took 3 weeks to payout some of the funds- so to keep going we purchased some of the supplies from our own pocket and this lead us to missing a payment on a loan. they refused because of this.
they said that we could re apply with 3/6 months.
we got approved a consolidation mortgage with GE money for 208k to clear the debts, but this will leave us with only about 7k to finish the house and paying 1400 p/m for 40 years at 8%!
- they had an ERA auctioneer our last month who valued the property at 260k as the works we have completed on it has added to it.
our solicitor got the mortgage package as said that we should consider this carefully - as its very high, perhaps contact our original mortgage company to see if they can do anything!.
so now....
we are in a troubled situation as we cannot move into our house as its not livable.
we have to rent a house, which is an extra €800 p/m on top of our mortgage and this during the last few months has lead us again to missing a loan payment.
if we can get approved a topup to complete the house (25k) and additional money to clear our loans (32k) we will only be paying 1300 p/m and this will allow us not to get into financial trouble again, but as we are having to paying 800 p/m in rent we cannot always meet our loan commitments! - its a very stressing catch 22.
can anyone lend any advise ?
we have gotten ourselves into a situation and are at an end as to what to do...
where we are :
myself
loan - ulster bank €8,000,€210 p/m
cc - bal 3000, trying to clear , just making min - missed 1 month in last 6
currently earning 2700 take home p/m
partner
loan - mbna €9000, 209 p/m
ge car loan €15k, 409 p/m
cc - bal €1500, trying to clear , just making min - missed 1 month in last 6
currently earning 1600 take home every for weeks.
mortgage 162k, 836 p/m
--------------------
bought a house in july last year, mortgage 162k, 132k for the property, 30k to renovate.
we spend the 30k within a few weeks on the property as we had under estimated the cost of renovating it and spend a little more on the insulation, electrics etc. than we expected. From quotes we are still about 25k away from being done. windows, 2nd fix elec and plumbing.
In Jan/Feb this year.
when we went back to our mortgage company (EBS) to get additional funds they said no.
During the renovation it was paid in stages, however as it took 3 weeks to payout some of the funds- so to keep going we purchased some of the supplies from our own pocket and this lead us to missing a payment on a loan. they refused because of this.
they said that we could re apply with 3/6 months.
we got approved a consolidation mortgage with GE money for 208k to clear the debts, but this will leave us with only about 7k to finish the house and paying 1400 p/m for 40 years at 8%!
- they had an ERA auctioneer our last month who valued the property at 260k as the works we have completed on it has added to it.
our solicitor got the mortgage package as said that we should consider this carefully - as its very high, perhaps contact our original mortgage company to see if they can do anything!.
so now....
we are in a troubled situation as we cannot move into our house as its not livable.
we have to rent a house, which is an extra €800 p/m on top of our mortgage and this during the last few months has lead us again to missing a loan payment.
if we can get approved a topup to complete the house (25k) and additional money to clear our loans (32k) we will only be paying 1300 p/m and this will allow us not to get into financial trouble again, but as we are having to paying 800 p/m in rent we cannot always meet our loan commitments! - its a very stressing catch 22.
can anyone lend any advise ?