Hi there. I'm a new user so please forgive me if I have missed anything obvious.
I have three kids, one going to college in Sept 2014 and two going in Sept 2018 or 19.
Total family income inc salaries and child benefit is 60k pa
We have €130k oustanding on a tracker mortgage ~ €800/m.
The property is worth more, maybe €50 to €100k more than the oustanding mortgage amount.
We have €5k CC debt ~ €160/m, €10k car loan €250/m.
We can cover these outgoings and are managing, plus we have savings of just over €1k for emergencies.
We live in a rural area and run two cars, as there are no public transport options, one goes to work the other to school etc
I was wondering whether it might be possible with a bit of financial jiggery pokery to
-take on another mortgage of say €65k
-clear the CC and car loan
-use those payments to fund the mortgage
-use the mortgage funds to put my kids through college
When - or if - they get jobs they can then take up some of the repayments.
I am 54.
Is this a realistic plan? Would I get such a mortgage? Is anyone even lending?
Comments, observations and advice welcome.
I have three kids, one going to college in Sept 2014 and two going in Sept 2018 or 19.
Total family income inc salaries and child benefit is 60k pa
We have €130k oustanding on a tracker mortgage ~ €800/m.
The property is worth more, maybe €50 to €100k more than the oustanding mortgage amount.
We have €5k CC debt ~ €160/m, €10k car loan €250/m.
We can cover these outgoings and are managing, plus we have savings of just over €1k for emergencies.
We live in a rural area and run two cars, as there are no public transport options, one goes to work the other to school etc
I was wondering whether it might be possible with a bit of financial jiggery pokery to
-take on another mortgage of say €65k
-clear the CC and car loan
-use those payments to fund the mortgage
-use the mortgage funds to put my kids through college
When - or if - they get jobs they can then take up some of the repayments.
I am 54.
Is this a realistic plan? Would I get such a mortgage? Is anyone even lending?
Comments, observations and advice welcome.