Where can we get a mortgage of €50k for home improvements?

D

dymo

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We have a house no mortgage on it.It is worth around €140,000 we need to do work of about €45,000.
We have saving of about €11,000 i am earning €40,000 per year my husband is self employed so for the past few year he would be Turing over very little about €10,000-15000 per year.

We have one loan of €4966 which payment are of 280 per month since Christmas i have been overpaying this with about €120 per month.

we have approached EBS as we have accounts with them and they have said that unless we clear the loan they will not look at us. and for such a small amount they think that we should not secure it on our house.I know that we can do it with saving but i don't want to be left with very little saving if we are turned down is there any banks that will allow us to put our loan with our mortgage and pay it all off together i know we have the capability of paying the mortgage back if the loan was with it.

we are looking to get the mortgage over 12 years so payment are less than 400 per month we are hoping to have it payed back in 10 year.
 
Mortgages cost the lender and the borrower a fair amount in legal and admin costs. So a lender might be slow to lend €50k.

I wonder if your local credit union would give you a loan at a fair rate? You could ask them.

It does seem odd that you have a loan of €5,000 while you have savings of €11,000. This is costing you a lot of money each year.

Brendan
 
I would second the credit union too, you could go for a secured loan based on the house and the rate might not be too bad. You will be limited to a shorter term usually 10 yrs but some do 15 so your 12 might be possible
 
The PSTB minimum mortgage is 40K. They have a 2% cash back offer which runs out this month but they may well extend that.
 
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