We have two mortgages as follows;PPR at 74,000 Euro with approx 11 years left to run at Tracker 5% with UB cost Euro 723 per month; second is an investment mortgage with UB taken out as I.O.in late 2005 at 5% for 200,000 Euro cost, 832 Euro per month ( house rental returns E.700 per month and is listed with PRTB.) Our question is we have savings of approx.Euro 1.600 per month which we use to reduce our PPR mortgage, hence low value,however we want to build an extension and need to know which is the best way of financing this as we do not wish to extend our mortgage unless we have no other choice. Extension should cost around Euro 30-40,000. We have current savings of Euro 10,000 which we would normally pay off our PPR mortgage,should we use this to get a Credit Union loan to fund the extension or should we just re-mortgage?Any suggestions please? Both working in secure jobs ( combined annual gross salaries Euro 88,000) with no other loans whatsoever and two children.
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