Restructured mortgage with KBC; now I want to borrow more?

Discussion in 'Banking, credit cards, etc' started by ripple, 6 Jun 2018.

  1. ripple

    ripple Registered User

    Posts:
    5
    I am looking to get a loan for some work on my home it would probably come in the region of 20 to 25k cost.
    I am presently with KBC for my mortgage but a few years back my husband was out of work and we opted for interest and half principle payment.
    Since this time we are both now fully employed and earning reasonable wages approximately 70k gross between us yearly . we have 200k left on our mortgage which would be valued at 300k .
    A friend suggested that we go to KBC as it would be in their interest , but there is two years left on our lower mortgage agreement and due to financial commitments for the next two years I do not want to lose this lower rate. Would they want to increase our repayments if we pursued a home improvement loan from them, or should we seek finance else where.
    I would appreciate any advice offered
     
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    36,007
    If you have rescheduled your mortgage, then it will appear on your ICB record, so you should not get a loan.

    You took out a mortgage with KBC. If you can meet the terms of it, you should do so. You should not be thinking of borrowing more money when you are not paying your original mortgage.

    Brendan
     
  3. ripple

    ripple Registered User

    Posts:
    5
    Brendan, thank you for your response.

    I would like to further explain my and my husband’s position to give you a clearer idea of my situation.

    When I said home improvements what I should have made clear is that this would be vital work needed to be done to return my home to good repair, (full rewiring, and a 30 *10 ft leaking roof, new guttering because the rain coming down is causing significant damage, both upstairs and down. ) It would seem to me money well spent to prevent further deterioration of my home.

    We are both about 10 years before retirement age. I feel the chances of getting a loan would lessen as the years move on and with the financial place we’re both in at the moment we could pay this loan of 20k-25k up quite quickly.

    Also when I said I had financial commitments for the next few years is because my husband is completing a college course which is he is obliged to do because of his work. This will yield a significantly higher income within three years.

    So what I had in mind was getting this loan now, when I have a break from paying a larger mortgage, to basically get the house fixed up so we can live safely in it for the future .

    Both my husband and myself will have secure pensions so long term honouring of our mortgage commitment to KCB will not be an issue.

    I would appreciate your further thoughts.
     
  4. RedOnion

    RedOnion Frequent Poster

    Posts:
    1,831
    Ripple,

    What's your reduced repayment amount?

    What will it be after it returns to full repayment, and how longer is currently left on mortgage?
     
  5. ripple

    ripple Registered User

    Posts:
    5
    Hello Red Onion ,
    My reduced monthly repayment is €821. which is full interest and half principal. I'm not sure what the full amount will be. I have 13 years left on the mortgage