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Looking to top up mortgage

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  • 07-12-2009 4:04pm
    #1
    ToyotaCorolla
    Registered Users Posts: 109 ✭✭


    Hi

    Have been looking at sometime to convert the attic into a bedroom, have settled on a crowd that will cost about 17,000 all in. New baby on the way means we will have to do it sooner rather than later.

    Our mortgage is not partically high compared to others , house is still worth 300,000 , mortgage was for 130,000 2 years ago, have a tracker still so its working out just over €400 quid a month its down to about 124,000 now had hoped the bank would give me a top up to cover but they indicated they would probably not go for it as top ups have to be at least 25,000.

    So i was thinking about putting a few grand into the credit union and hopefully getting a loan off them if they went for it . Ideally though i just wanted to have the mortgage payment not a separate loan as well. Would i be better of switching mortgages to another lender albeit i would lose the tracker status but with interest rates set to rise probably from jan/feb i was already set for that anyway.

    Any one any thoughts please. Just looking for other opinions really.


Comments

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    #2
    Long Onion
    Closed Accounts Posts: 1,342 ✭✭✭Long Onion


    Don't switch off the tracker - you will just move to a variable with a higher rate which will then go up everytime the ECB raises rates.

    Why not get quotes for other improvements, borrow the €24-€25k and then just do the conversion and give back the balance saying that you changed your mind.


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    May not be an option for you but I throw it up anyway. Do you have any other outstanding debts you can pay off with the remaining balance of 7k?
    Do you have any balance outstanding on personal loans or credit cards?

    If you do it may work out cheaper to pay off these with the remaining 7k.


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    #4
    ToyotaCorolla
    Registered Users Posts: 109 ✭✭ToyotaCorolla


    Cheers Long Onion and Jet Black for your thoughts, firstly long onion if i was gonna switch lenders i would switch to a fixed rate rather than a variable as if i did get the top up they would not let me stay on the tracker anyway :mad:

    Jet Black, i dont have any car debts or personal loans so dont really want to be borrowing extra, but i know where your coming from.


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    #5
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    ToyotaCorolla wrote: »
    Cheers Long Onion and Jet Black for your thoughts, firstly long onion if i was gonna switch lenders i would switch to a fixed rate rather than a variable as if i did get the top up they would not let me stay on the tracker anyway :mad:

    ICS definitely let you stay on tracker mortgage and topup on variable rate. Not sure which lender you are with but you could be spun a yarn.


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    #6
    ToyotaCorolla
    Registered Users Posts: 109 ✭✭ToyotaCorolla


    im With BOSI they have said any change to the mortage will result in the mortgage status changing to be honest they seem so reluctant to even entertain the possibility of a top up , which is annoying considering i dont have a massive mortgage of any other debts - bunch of high street bankers eh !!


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