ivannomonet
Registered User
- Messages
- 86
Hi,
I've only just discovered this forum and see some really knowledgeable people seem to give advice here.
I wonder if any one can give me some advice as to how best to proceed.
I took a 25 year mortgage in Jan 05 for 165,600 on a new 2 bed property I bought for 180,000.
I took a fixed rate mortgage for one year at 2.75% now reverting to 3.5% variable rate.
To secure the remainder I borrowed 14,400 from a credit union at 9.9%.This was a top up to a 9k personnel loan I had taken a year earlier.
I also took a 10k personal loan from MBNA at 9.4% over 5 years and a 12k personal loan over 5 years from BOI at 9.4% to furnish the property as I was
starting from nothing.
Right now on a monthly basis I am paying the following excluding utilities and insurances:
Mortgage: 764 (836- revenue credit of 72)
BOI : 274
MBNA : 253
Credit U: 507 (loan payment + interest + small saving of approx 20 Euro)
Total : 1798
I also have 2 credit cards with a combined limit of 14k with 2k owing on them built up since December.
I have up to now always paid these off in full each month but don’t have the money to so this month.
I have a good credit history with a maximum value deposit SSIA worth about 15,600, and 11k savings in the credit union.
I would like to consolidate this debt or at least the personnel debt to minimise monthly repayments,
but the AIB won’t refinance the mortgage as it would exceed the value of the property currently estimated at 195k.
I would like some advice on what would be my best option to reduce my outgoings?
Are there any financial institutions offering a deal that would be better for me?
Bear in mind I probably wont be an existing customer and there will be no security for the loan although in full time employment for 20 years.
Any insights would be much appreciated.
I've only just discovered this forum and see some really knowledgeable people seem to give advice here.
I wonder if any one can give me some advice as to how best to proceed.
I took a 25 year mortgage in Jan 05 for 165,600 on a new 2 bed property I bought for 180,000.
I took a fixed rate mortgage for one year at 2.75% now reverting to 3.5% variable rate.
To secure the remainder I borrowed 14,400 from a credit union at 9.9%.This was a top up to a 9k personnel loan I had taken a year earlier.
I also took a 10k personal loan from MBNA at 9.4% over 5 years and a 12k personal loan over 5 years from BOI at 9.4% to furnish the property as I was
starting from nothing.
Right now on a monthly basis I am paying the following excluding utilities and insurances:
Mortgage: 764 (836- revenue credit of 72)
BOI : 274
MBNA : 253
Credit U: 507 (loan payment + interest + small saving of approx 20 Euro)
Total : 1798
I also have 2 credit cards with a combined limit of 14k with 2k owing on them built up since December.
I have up to now always paid these off in full each month but don’t have the money to so this month.
I have a good credit history with a maximum value deposit SSIA worth about 15,600, and 11k savings in the credit union.
I would like to consolidate this debt or at least the personnel debt to minimise monthly repayments,
but the AIB won’t refinance the mortgage as it would exceed the value of the property currently estimated at 195k.
I would like some advice on what would be my best option to reduce my outgoings?
Are there any financial institutions offering a deal that would be better for me?
Bear in mind I probably wont be an existing customer and there will be no security for the loan although in full time employment for 20 years.
Any insights would be much appreciated.