Hi all,
Would love some advice on our financial dilemma.
Are planning on renovating our home.
Builders quote is coming in at around 30k.
We have around 20k in savings on deposit at c. 4%.
However our mortgage rate is at ecb + 0.51%
Because of this rate would it make sense to go for a mortgage top up and make the extra payments onto our mortgage instead of into a higher interest loan?
Also in the budget heard that home improvement top ups are eligible for TRS for seven years which would be another advantage.
We would really like to clear this loan quickly and could prob afford c. €1100 per month to do so.
Is there any chance that we could lose our ltv rate as tbh our ltv would no longer be near the 50% it was when we remortgaged after a top up and the crash in house prices.
What do people think would be the best course of action in our situation?
Sorry for the convoluted nature of the post and any help/ advice as always much appreciated.
Would love some advice on our financial dilemma.
Are planning on renovating our home.
Builders quote is coming in at around 30k.
We have around 20k in savings on deposit at c. 4%.
However our mortgage rate is at ecb + 0.51%
Because of this rate would it make sense to go for a mortgage top up and make the extra payments onto our mortgage instead of into a higher interest loan?
Also in the budget heard that home improvement top ups are eligible for TRS for seven years which would be another advantage.
We would really like to clear this loan quickly and could prob afford c. €1100 per month to do so.
Is there any chance that we could lose our ltv rate as tbh our ltv would no longer be near the 50% it was when we remortgaged after a top up and the crash in house prices.
What do people think would be the best course of action in our situation?
Sorry for the convoluted nature of the post and any help/ advice as always much appreciated.