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Need more credit - any advice much appreciated

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  • 25-03-2009 1:34pm
    #1
    RastaRed
    Registered Users Posts: 316 ✭✭


    Hi Everyone,

    I tried for a top up mortgage with my bank UB and was refused because of 3 unpaid DD payments for my mortgage last year, have a personal loan with them aswell and I cant even increase that. I need funds for our wedding in aug and essential home improvements, was just wondering do any of ye know where I would stand any chance of aquiring finance, if I switched over my mortgage or applied online(rabo.ie)??
    any advice would be much appreciated.


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    #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Credit Union?

    I doubt that anyone will top up your mortage with three missed dd's last year. If you are in negative equity don't waste your energy, nobody will touch you.

    Stay away from credit cards, its a slippery slope, the interest will cripple you.


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Well from a cursory glance,there are still sub prime mortgage companies operating.
    You could be paying anywhere from 6 to 10% though.
    It might give you a chance to repair your credit record if you can live with the pain of the price of such an option.

    It's only an option of course if you are borrowing 80% or less of the value of your house.
    But I s'pose if you really really do need the money for your wedding,you can borrow the money for that and stick it out for 12 months and then switch to a standard lender.
    Call into one of your local brokers and discuss it and do a budget to see if it's a do able option.

    The other option frankly and the best one is to put off the wedding untill you are more able to pay for it.
    Save for it in other words.


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    #4
    Drumpot
    Registered Users Posts: 19,306 ✭✭✭✭Drumpot


    Deleted User wrote: »
    Well from a cursory glance,there are still sub prime mortgage companies operating.
    You could be paying anywhere from 6 to 10% though.
    It might give you a chance to repair your credit record if you can live with the pain of the price of such an option.

    It's only an option of course if you are borrowing 80% or less of the value of your house.
    But I s'pose if you really really do need the money for your wedding,you can borrow the money for that and stick it out for 12 months and then switch to a standard lender.
    Call into one of your local brokers and discuss it and do a budget to see if it's a do able option.

    The other option frankly and the best one is to put off the wedding untill you are more able to pay for it.
    Save for it in other words.

    Personally, I would try and put off my wedding to another time (I know this is easy for me to say, but its the most practical and prudent way of organising your finances).

    As far as Sub Prime goes, I just got a mortgage for a client who didnt meet the usual criteria for main stream lenders. I didnt advise him to takeup this mortgage (as I wouldnt advise anybody) but if people desperatly want financing, they are more lenient in their lending terms.

    You will pay more for it, but it is a way of refinancing.


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