Remortgage or personal loan - which?

R

RPR

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Need about 30,000 urgently what's the best option Remortgage or get a personal loan?
Currently have a car loan, will get over in Oct.
If remortgage, what basic things to look out for, and what docs do banks usually ask?
 
Re: remortgage or personal loan - which??

For what purpose do you need 30,000. You dont indicate any debt other that almost expired car loan so are we to assume you are borrowing to invest? Invest in what asset? Long or short term. Or is it a personal crisis which needs urgent sorting. For the longer term you should consider the many types of insurance products available which could guard against such urgencies in the future. More info required.
 
Re: remortgage or personal loan - which??

The only debts I have is the current mortgage of the house(which comes to 1000/- or so per mth for next 13 yrs) + car loan(650/- expiring in oct).

Purpose of 30,000 is for investment (initial down payment) in another house (outside Ireland).
 
Re: remortgage or personal loan - which??

Then I suggest remortgage as a personal loan for 30000 over 5 years could cost around €600pm and you will still have to take out the mortgage on the property thus reducing cashflow drastically IMO. But am worried for you that a large investment such as property purchase, which should be carefully considered especially outside your native land, urgently requires the deposit. Either this was not a well planned investment or the investment was not planned at all. Be careful of offers that seem too good to be true but must be availed of by such and such a time. Either way if you have not got the deposit, nor the balance of the asking price, it seems you are investing the banks money, ie 100% mortgage. So this is a high risk investment. Take care. Eyes wide open etc...
 
Browse/search this forum and the Mortgages and Home Buying forum for more threads on the whole issue of mortgage top-up/consolidations to get a better idea of the pros/cons, costs/benefits etc.
 
Thanks for the prompt reply.
Really appreciate your input. Have an appt with the bank this week, so lets see how things go.
 
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