Need help with loans and banks

R

Revealingsea

Guest
Hi, have just recently bought a house with my brother. Have a mortgage of 230,000 over 40 years with UB on a tracker mortgage, monthly repayments of 1250 (between the 2 of us), waiting on the tax relief to kick in which should bring it down to about 950 a month. Have a loan with CU of about 12,000 (I pay €430 p/m off loan over about 4 1/2 hours) with savings of about 4,000. Have a credit card with 2200 on it and have a few small direct debits, gym membership €60 p/m , car insurance €50 p/m, and a HP agreement €25 p/m. With A.I.B and I live in my overdraft, have asavings account with them aswell which has about €400 in it ath the moment. Applied for a loan with A.I.B for about 7000 to clear overdraft and card and give me a few quid to spend on the house. Got turned down:(. Got an approved loan off HFC but it's ridiculous interest. I earn 2000 a month. Whats the best way for me to go forward, house needs a bit of work on it so need a few quid to spend and want to get rid of the card and get out of the red in my overdraft. Was also thinking of jacking my account with A.I.B. and going elsewhere, never got anything off them. Have a joint account with tsb with my brother for mortgage. Was thinking of moving my personnal account over to them. Should I go with HFC 7,000 with them over 4 years is 273 p/m, I end up paying back over 12,000. Do I get strikes against me if I apply to other lenders. Any advice on any of the above matters would be appreciated.
 
If I am reading this correctly, you are earning 2000pm after tax and if you take out the HFC loan, you will be paying back per month almost 1200 on debt repayment, including mortgage, CU loan and HFC loan. Even if you go elsewhere you are still going to have only 800 a month to pay household bills, food, run a car etc, which is not a lot

However, full marks for having still got some savings together and trying to sort this out now rather then later

Have you consider opening a UB current account since your mortgage is there, on the basis that they have given you a mortgage, they may be more open to giving you a loan

Also why not consider using some of your savings to clear the credit card and then cut it up

It would help if you could increase your income, is taking a lodger in an option or a 2nd part time job for a couple of years?
 
Hope to take in a lodger alright but it will have to wait a few months until I can get the house in shape. Might move my account to UB alright even if not for now then for the future. Find A.I.B a right shower.
 
Do you absolutely need to do the house right away? It may be easier to wait a few months at least and focus on getting the CC and the OD down a bit without taking on more debt. If it is for furnishing the house you need the money, have you considered trying websites like Jumbletown or [broken link removed] for some interim furnishings until you get back on a more even keel?
 
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