Remortgaging to cover loans but still stuck for wedding cash

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Hi

Need advise, in an awkard situation so any help is much appreciated. Myself and my partner are remortgaging at the moment, we are signing the contracts on Tuesday, the remortgaging is paying giving us money to clear off car finance, a small bank loan and a credit card. We have an 8,ooo euro loan we took out with BOI in october, we did'nt want this included in the remortgaging but the lender included this as one of the loans to be cleared from the cheque they are giving us. We were hoping to just pay off the other loans and not the 8000 one and used this money for a wedding! Now we are short because we should have applied for more.
My problem is this. We are now short cash for the wedding. The 8000 loan will be cleared with BOI next week, if I ring them and re apply for 5000 after the 8000 is cleared would they give it to me!!! They gave me the loan no problem before I'm just wondering would they give me it again a week after 1 was just paid off!!!

Thanks a mill-sorry this is so long :-/
 
Re: Advise needed

All things being equal, it would seem to make a lot better sense to renegotiate the remortgage to provide the €5K needed than to take out another personal loan (at a much higher interest rate) - as long as you repay it back down as quickly as you would a term loan, and don't let it run for 20/25 years of course.

Are you already 'maxed' on the mortgage loan amount?
 
Hi

Thanks a million for your reply, no we hav'nt maxed out on the mortgage loan we just applied for what we needed and thought (stupidly) that we would have enough to cover everything. We're going in to sign the new papers with the solictor so I don't think we have time to re renegotiate the mortgage amount. I'm under pressure now as a result! Do you think the bank would have a problem giving out a new loan so soon after one is paid off. I can'nt see any other way around it at the moment :-(
 
I'd ring them up straight away - and the solicitor, too. I know you must be very hassled/busy/concerned about the wedding arrangements, but you could save yourself a serious amount of money by getting this sorted out before you sign/draw down.

8,ooo euro loan we took out with BOI in october, we did'nt want this included in the remortgaging but the lender included this as one of the loans to be cleared from the cheque they are giving us.
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Why not put it - calmly, but firmly - to the bank that there's been a misunderstanding? They won't want to lose your business, and I'd certainly push them a bit on this, even implying that you 'may have to reconsider', etc. I don't think they'll call your bluff - of course it would suit them better to lend you €5K at personal loan rates, but they don't want to lose a mortgage customer...
 
That's very true. I'm going to give them a ring and see what they can do-thanks a million for your advise it is much much appreciated :)
 
May I spread some doom & gloom on this thread?

Do you really, really want to spend borrowed money on a wedding? Why not spend €1k on a nice meal with a few close friends & to hell with all the oul aunties?
 
RainyDay said:
May I spread some doom & gloom on this thread?

Do you really, really want to spend borrowed money on a wedding? Why not spend €1k on a nice meal with a few close friends & to hell with all the oul aunties?
Click to expand...

Have to agree with this one - the Old man always said to never borrow money for weddings or holidays.
We did what rainyday describes above and had a fantastic time. No cast of thousands to make small talk with, etc,
That said, whatever you do, have a great time and make it a day to remember!
 
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