Stephanie33
New Member
- Messages
- 5
You have 39 months left. So are you saying that AIB gave you this very generous split mortgage only 21 months ago?
As I only have 50K now and no access for further funds through family I felt that if I paid any money off now as it would not be cleared I wouuld be in the same position until it is cleared. I understand that the moritorium is on my credit record but if I showed the 800 being saved towards the split loan and I save another 500 a month also it would show long term stability but maybe I need to speak to the lender.I don't believe that either AIB or any other lender will consider you to have a clean credit record. I don't believe that AIB or any other lender will give you a mortgage until 5 years after you have cleared the split mortgage.
So, your priority is to clear your warehouse as soon as possible. Don't wait for the 39 months if you can do it earlier. The earlier you do it, the sooner you can trade up.
What do you need an emergency fund for? Well getting a 43% top up on it would strike me as an emergency, so in reality, you will have €80k available.
If you pay €80k off your warehouse, AIB will write off €35k - meaning that you will reduce the warehouse by €114k which leaves €19k on the warehouse.
If you can find another €13k, then AIB will write off the remaining €6k.
So
1) At the very least, you should pay off all available cash including your emergency fund off the warehouse before the 5th anniversary.
2) If you still have about €18k left, you should turn to your friends and your family and see can you raise €13k extra. If you are saving €800 a month, you will have the loan paid off in 16 months. Again, means that the 5 year clock to clear your credit record begins 16 months earlier than it would otherwise.
3) I think you should talk to family and friends now. It would cost you €93k to clear the warehouse today and start your financial recovery.
You have €50k. So you need borrow "only" €43k to start the repair of your credit record. At €800 a month, you will have repaid the loans in just over 4 years. Just in time for you to trade up.
Brendan
No they gave the split earlier but due to an error on their side they agreed to start the incentive on their side at a later date. I wonder what will the banks do with the large amount of split loans left will they just take them out of estate?You have 39 months left. So are you saying that AIB gave you this very generous split mortgage only 21 months ago?
Brendan
As above AIB made an error with the split loan. The date from the incentive was amended.Please confirm so our discussion is not wasted.
As I only have 50K now and no access for further funds through family I felt that if I paid any money off now as it would not be cleared I wouuld be in the same position until it is cleared. I understand that the moritorium is on my credit record but if I showed the 800 being saved towards the split loan and I save another 500 a month also it would show long term stability but maybe I need to speak to the lender.
In this case your deposit is the €270k and you would borrow the additional €110k. You wouldn't need any additional deposit.Just one more question to trade up in this case if the value of the property being sold is 370K and the new property is 380K do you need a seperate deposit from the banks perspective.
Eg you had 270K from sale proceeds after clearing mortgage or does the bank require you to have a seperate deposit saved.
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