OK Guys, here is my story.
I am 29, married. My wife is 30. We both work and take in about 4500 Euro NET per month. We have no car loans or credit card debt, however we have 2 mortgages.
Mortgage 1 - City Property E 213,000 remaining 35 Year Mortgage (3 years old) In Wifes Name
We have the property about 2 1/2 years but given the climate it has not gone up much in value. Possibly worth E245,000. ECB + 1.3% (5.3% ish P TSB)
Mortgage 2 - Country Property E117,000 remaining on a 25 year mortgage (4 years old) Fixed 4.3% (First Active)but up for renewal shortly. In my name.
This property was built on family land and is 5 bed, dormer, 4 ensuite with sea views. It should be worth anything from 425k to 475k if put on market.
We live, work and operate of of Property 1. Property 2 is for Summer Rental and makes between 5 & 6K per summer.
Combined mortgages are costing us almost 2K per month.
My main question is:
Is there any way to consolidate the two mortgages together to get a better rate?
Is it possible to remortgage on the more valueable property and buy out the existing mortgage on the city property? Thus getting a better overall single rate and actually owning the city property?
Any advise is welcome. Thanks
I am 29, married. My wife is 30. We both work and take in about 4500 Euro NET per month. We have no car loans or credit card debt, however we have 2 mortgages.
Mortgage 1 - City Property E 213,000 remaining 35 Year Mortgage (3 years old) In Wifes Name
We have the property about 2 1/2 years but given the climate it has not gone up much in value. Possibly worth E245,000. ECB + 1.3% (5.3% ish P TSB)
Mortgage 2 - Country Property E117,000 remaining on a 25 year mortgage (4 years old) Fixed 4.3% (First Active)but up for renewal shortly. In my name.
This property was built on family land and is 5 bed, dormer, 4 ensuite with sea views. It should be worth anything from 425k to 475k if put on market.
We live, work and operate of of Property 1. Property 2 is for Summer Rental and makes between 5 & 6K per summer.
Combined mortgages are costing us almost 2K per month.
My main question is:
Is there any way to consolidate the two mortgages together to get a better rate?
Is it possible to remortgage on the more valueable property and buy out the existing mortgage on the city property? Thus getting a better overall single rate and actually owning the city property?
Any advise is welcome. Thanks