Loans (from parents/credit union) €76,000
Do you mean, "if your loan to value is low"?some will give an exception to the 3.5 times rule if your loan to value is high
YesDo you mean, "if your loan to value is low"?
Consolidating at mortgage rates wouldn't save you anything material in interest but would allow you to pay off your parents.I owe €30,000 to CU at 6.95%
44,000 to parents with no interest.
Equity release just adds to your mortgage, which might ultimately make you worse off. Unless your loan to credit union is at a much higher rate.Hello,
I have a small-ish mortgage, a house that it worth over double my mortgage, but then a lot of other debt (all debt is related to building the house, on one income, in the last year with costs sky rocketing).
Current situation -
Salary €63,000
Mortgage €187,000
House valuation €430,000 (would probably sell for more, no way I'm selling!)
Loans (from parents/credit union) €76,000
Income : €3200 + €720 (rent a room) = €3920 pm
I've Googled and I can see that I can release some of the equity for house improvement , education or medical expenses. Does anyone know of a provider who would do it for clearing debt? Even if I could get my mortgage to 3.5x my income it would clear €33,000 of debt. I do some side jobs, I'm going to be paid €7k (after tax) for one soon. So, I can pay this off. But I've saved aggressively for the last 5-6 years to get this built. I would like to be able to go back to living normally again sooner than 5 or so years.
Thanks
Best to ask your broker or even Avant themselves directly.Any idea if I could go back to Avant and remortgage, get top up?
I took out mortgage last year (19nyear term, 2.1% fixer for 10 years) then home loan earlier this year (25K 5.7% over 10 years)
My salary will be increasing soon, is there any option to get longer term mortgage loan to clear the 5.7% loan? I dont want to lose my 2.1% for existing mortgage.
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