Mortgage & Loan to furnish

S

Shiofra

Guest
I am about to purchase a house with my partner, house price 240k. The problem is that both of our savings are tied up in the SSIA untill March 2007. The house will be ready in November and we will not have the money to furnish what are my options? How can we afford to furnish? Is a personal loan the only option or is it possible to loan 250k?

Thanks
Shiofra
 
It's not possible to borrow more than the house is worth. Given that it's only 4 months between closing (which may be delayed anyway) and your SSIA's maturing in March couldn't you wait and make do with a 2nd hand telly and cooker for a while?

Sarah

www.rea.ie
 
Mightn't be a bad idea to ask some of the credit institutions now how much of a personal loan you can obtain for furnishings in november, on the basis of already having a mortgage on board at that stage.

I doubt if the mortgage lender would be keen to give you a mortgage if it emerged prior to drawdown that you had taken on another loan so shop around for the personal loan with the intention of starting it after cheque issue.

Or else just hold off til march I guess when your SSIA's mature. Best of luck.
 
I think the Credit Union have a low rate offer for loans which are taken over six months or less. Might be an option too.
 
If you do get a loan make sure you wont be charged any penalties for early repayment when your SSIA's kick in.
 
if you took out a credit card in november that had 6 months interest free you could put some essential furniture on that(dependent on your credit limit of course). Just make sure you pay if off when the SSIa comes through.
 
Depends... If it's a house that you are building, there are ways of including your loan in your mortgage...If it's the case ask your builder
 
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