Top Up Loan?

H

HappyA

Guest
Hi
We need to borrow 110k to pay off other loans (overdraft, HP loans) and are wondering if the bank will allow us to increase our mortgage?
Will they allow you to do this or do you only get a top up mortgage if you are investing the money in your home?
Has anyone any experience of advise?
details are as follows:
mortgage with AIB 400k (just finished building)
Overdraft with AIB 25k
Other loans on machinery with various HP companies: 85k

Any suggestions or expierience of this with AIB?
Thanks
A
 
It is possible but will depend on your ability to repay and what % the top up mortgage will be compared to its current value.

In summarry probably will be difficult but not impossible.
 
Thanks Arch
Would I be better looking for a home improvement loan and use it against the other debts?
 
AIB are not too keen on refinancing other debts. You might have to switch to another lender.
 
Thanks Liam
any advise on which lender would be willing?
 
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