Hi there just looking for advice.
We are currently living in a small house in a rural area. Love the area but our house was built in 2003 long before kids and is now too small for our needs. My husband owns this house. Tt also requires alot of updating eg. new bathroom, kitchen and new boiler.
We were hoping to upgrade these items and do an extension but would need to borrow about 60k from the credit union in a home improvement loan.
Our current mortgage is about 590€ per 4.7% variable rate with Danske/Pepper per month and we would be looking at roughly the same again in credit union repayments over the next 15 years.
Our current house has alot of equity in it. 70k max left on mortgage( 11yrs) and it would possibly sell for 240k.
Are we mad borrowing from the credit union at a rate of 6.5%?
We are now toying with the idea of selling and hopefully buying a site from family and building again. We would probably require a small mortgage of 120k ontop of the equity from sale of house.
We only have 10k in savings and I own an investment property in Dublin (accidental landlord). My current mortgage balance on this is 225k and valued somewhere in the region of 260k upwards. I am on a tracker with AIB. I also pay about 200 per month towards the upkeep of this property and have no longterm desire to be a landlord and will sell when the time is right.
Our incomes are Me: 59k Public Servant
Spouse : Private Sector 34k
We have 3 children under 6.
Where should we go from here ? We live pretty much month to month with childcare expenses and a modest car loan on top of all the regular bills.
Kind Regards
Muffintop
We are currently living in a small house in a rural area. Love the area but our house was built in 2003 long before kids and is now too small for our needs. My husband owns this house. Tt also requires alot of updating eg. new bathroom, kitchen and new boiler.
We were hoping to upgrade these items and do an extension but would need to borrow about 60k from the credit union in a home improvement loan.
Our current mortgage is about 590€ per 4.7% variable rate with Danske/Pepper per month and we would be looking at roughly the same again in credit union repayments over the next 15 years.
Our current house has alot of equity in it. 70k max left on mortgage( 11yrs) and it would possibly sell for 240k.
Are we mad borrowing from the credit union at a rate of 6.5%?
We are now toying with the idea of selling and hopefully buying a site from family and building again. We would probably require a small mortgage of 120k ontop of the equity from sale of house.
We only have 10k in savings and I own an investment property in Dublin (accidental landlord). My current mortgage balance on this is 225k and valued somewhere in the region of 260k upwards. I am on a tracker with AIB. I also pay about 200 per month towards the upkeep of this property and have no longterm desire to be a landlord and will sell when the time is right.
Our incomes are Me: 59k Public Servant
Spouse : Private Sector 34k
We have 3 children under 6.
Where should we go from here ? We live pretty much month to month with childcare expenses and a modest car loan on top of all the regular bills.
Kind Regards
Muffintop