Hi. I’m looking for some advice and thought I would ask here. Myself and my partner are homeowners, both working in full time jobs in the Civil Service. We earn €40,000 each (before pension deductions etc) Through some bad decisions on our part over the years we have accumulated a fair bit of debt and we are looking at ways to manage it. We are able to pay our bills and loans each month and have never missed a payment but we have found that we have very little each month left to put into savings.
We currently have the following outgoings
Mortgage €1040 per month (17 years remaining)
Car Loan €230 per month (1 year remaining)
Personal Loan €310 per month (3 years remaining)
Credit Union Loan €550 per month (3 years remaining)
There is currently €155000 left on the mortgage (17 years). I have looked at asking prices in the locality for similar houses and they range from €230000 to €250000. So potentially there is equity there of €29000 that would still keep us just under the 80% loan to value ratio. If we could get that amount we could pay off the Credit Union Loan and Car loan in its total. I could then use the €11000 that we have in Credit Union savings to pay off the Personal Loan.
I know it means that we are paying off the loan over a longer period and that we would be eating into our Credit Union savings but potentially we could save around €800 a month in debt payment and after a year or two when we have built up some savings we could start paying extra off the mortgage each month.
We approached BOI about remortgaging but they were not interested. So we are looking at moving our mortgage and if it was possible to release some equity in the house at the same time. Has anybody any recent experience of this that they could give me some advice on?
Thanks in advance
We currently have the following outgoings
Mortgage €1040 per month (17 years remaining)
Car Loan €230 per month (1 year remaining)
Personal Loan €310 per month (3 years remaining)
Credit Union Loan €550 per month (3 years remaining)
There is currently €155000 left on the mortgage (17 years). I have looked at asking prices in the locality for similar houses and they range from €230000 to €250000. So potentially there is equity there of €29000 that would still keep us just under the 80% loan to value ratio. If we could get that amount we could pay off the Credit Union Loan and Car loan in its total. I could then use the €11000 that we have in Credit Union savings to pay off the Personal Loan.
I know it means that we are paying off the loan over a longer period and that we would be eating into our Credit Union savings but potentially we could save around €800 a month in debt payment and after a year or two when we have built up some savings we could start paying extra off the mortgage each month.
We approached BOI about remortgaging but they were not interested. So we are looking at moving our mortgage and if it was possible to release some equity in the house at the same time. Has anybody any recent experience of this that they could give me some advice on?
Thanks in advance