remortgaging

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dfspilot

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hi folks, i have just finished my training for my air transpot pilots license and am presently applying for my first job.it has taken me 2.5 years and 100000 euros to get this far . i am 42 years of age and so it is a lot more difficult for me to get that first job compared to say a 21 year old .
i have a house valued at 530000-550000 at the moment with an outstanding mortgage of 61000 ( was 75000 originally) with first active who i have been with for the last 12 years. i also have a site worth 120000-150000 just outside swords co. dublin which i dont want to sell as i hope to build a home on it in a few years. i have savings left of 12000 and am presently not working. i may need to borrow a further 30000-40000 to buy a type rating on a 737 / A320 to increase my chances of getting employed. what do you think are the chances of first active / other lenders loaning the money to carry out this training, any replies greatly appreciated.
 
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Although you are obviously asset rich with little borrowings and have come a long way with regards to training etc, generally your borrowing capacity is determined by your ability to repay the loan i.e from a regular income. You will need to be able to prove to the lender that you will be able to repay the loan and as you are not working this could be difficult.
 
hel n, you seem to know what you are talking about, can i ask what you do for a living ?
secondly , what about a personal loan guaranteed by my parents, could be with the credit union as they have a substantial deposit with them.
 
dfspilot, I am a mortgage adviser.

And as for taking out a personal loan, this would probably be a more viable option, particualrly with the CU as they are often more 'sympathetic' than the banks. You can expect to pay a higher interest rate though and the loan will be repayable over a shorter term than if you remortgaged. Also, bear in mind that if your parents act as guarantors they may have restricted access to their savings.;

I still think that this is probably your best shot and when you get a job you can always remortgage or top up your existing mortgage to repay the CU loan if you wish to do so.
 
Hel N, Thank You Very Much For Your Reply, You Saved Me Some Embaressment With First Active, I Knew You Knew What You Were Talking About. I Would Take The Personal Route Over 5-10 Years As This Is What Happens When You Work For The Airlines Anyway. Many Many Thanks Again.
 
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