Thanks Dublin Walker
I just spoke with a broker who didnt even know about them, but they seem legit...
Feels almost too good to be true?
Let's look at the numbers here.
Target price of house €300k
Equity in existing house €175k
Savings €80k cash
Total: €255k
Loan needed : €45k
Spry is a great product, but 6.7% is dear. It's a fair price, but it's dear.
If you or your brother can come up with the €45k , then that is what you should do.
She will then own a house worth €300k with a personal loan from you of €45k.
If, at some stage, she needs cash, and you don't have it for her, then she can always go to Spry and borrow it.
But she should not borrow at 6.7% now while keeping €40k cash in a deposit account earning around 2%.
Brendan
I just find it a bit confusing how the amount owed increases at 20 years, assuming I pay 10% a year off? We plan to clear before then of course, but I would love to make sure I understand it first.
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