We are a married couple in our mid 50's. We have applied to Ulster Bank for a €60,000 top up to our mortgage. We plan to use the top up to refurbish our home.
We have two tracker Mortgages with Ulster Bank:-
1. €157,000 remaining, pay €894 p.m. Interest Rate 0.95%. Our Family Home, Market Value €380,000
2. €96,000 remaining, pay €702 p.m. Interest Rate 1.45 %. Investment Property, Market Value € 480,000. We receive € 1,600 per month rent
We are both self employed and our net earnings are € 5,500 pm approx.
We have additional savings of €15,000.
We pay two car loans, one is € 237 p.m until 2020 and the second is € 250 p.m due to finish this year. We have the usual outgoings and college fees of € 3,000 per year.
We clear our credit card bill each month....
We have been in negotiation with Ulster Bank for 6 weeks, and they have not yet approved the loan... we feel they are making unreasonable demands on us at this stage e.g requesting up to date credit card statements when we prove the card is cleared each month.
Any advice on what we should do ? Could Ulster Bank be playing "hard ball" i.e. hoping we will sell because of our low Tracker interest Rate? The agreed rate they offered us was repayments of € 428. 93 pm - discounted variable. Would it be worth our while trying else where?
We have two tracker Mortgages with Ulster Bank:-
1. €157,000 remaining, pay €894 p.m. Interest Rate 0.95%. Our Family Home, Market Value €380,000
2. €96,000 remaining, pay €702 p.m. Interest Rate 1.45 %. Investment Property, Market Value € 480,000. We receive € 1,600 per month rent
We are both self employed and our net earnings are € 5,500 pm approx.
We have additional savings of €15,000.
We pay two car loans, one is € 237 p.m until 2020 and the second is € 250 p.m due to finish this year. We have the usual outgoings and college fees of € 3,000 per year.
We clear our credit card bill each month....
We have been in negotiation with Ulster Bank for 6 weeks, and they have not yet approved the loan... we feel they are making unreasonable demands on us at this stage e.g requesting up to date credit card statements when we prove the card is cleared each month.
Any advice on what we should do ? Could Ulster Bank be playing "hard ball" i.e. hoping we will sell because of our low Tracker interest Rate? The agreed rate they offered us was repayments of € 428. 93 pm - discounted variable. Would it be worth our while trying else where?