H
Hootie
Guest
Hello all, I’m a regular reader but a first time poster. Myself and my partner bought our first house just under a year ago, and we are in severe need of re-financing. First a few details:
Ages – both 28
Joint income - €72,000 (due to increase by €5k towards the end of the year)
Mortgage - €377,000
Credit card - €10k
Credit union loan - €37k
Overdrafts - €4,700
House worth €450k, no savings.
Basically we bought this house as a shell and renovated it and extended it from scratch. The bank would only give us enough to buy the house so we financed the renovations from personal debt, with the hope of re-financing up the road. The rest of our personal debt is due to a car loan, part-time degree and a year out.
Our mortgage is €1550 p/m net of interest relief, and our repayments on personal loans comes to €1300 p/m. Our monthly take home pay is €4700 p/m. This represents around 60% of our net income.
We are hoping to release some equity and clear most it if not all of the personal debt. I’m not sure if the bank will give us any more money, or what our best options are. Would banks look favourably on us reducing our monthly commitments like we intend?
Any comments or suggestion would be welcome.
Ages – both 28
Joint income - €72,000 (due to increase by €5k towards the end of the year)
Mortgage - €377,000
Credit card - €10k
Credit union loan - €37k
Overdrafts - €4,700
House worth €450k, no savings.
Basically we bought this house as a shell and renovated it and extended it from scratch. The bank would only give us enough to buy the house so we financed the renovations from personal debt, with the hope of re-financing up the road. The rest of our personal debt is due to a car loan, part-time degree and a year out.
Our mortgage is €1550 p/m net of interest relief, and our repayments on personal loans comes to €1300 p/m. Our monthly take home pay is €4700 p/m. This represents around 60% of our net income.
We are hoping to release some equity and clear most it if not all of the personal debt. I’m not sure if the bank will give us any more money, or what our best options are. Would banks look favourably on us reducing our monthly commitments like we intend?
Any comments or suggestion would be welcome.