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Mortgage - least amount.

  • 10-11-2016 12:15am
    #1
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭


    Hi,

    Tried to find the answer but cannot.

    In Ireland, is there a figure for the least amount of mortgage one can get.

    e.g. If I wanted to have a mortgage of 50,000 Euro, is that possible.

    Or when does it make sense to get a loan over a mortgage - what's the cut off point


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,764 ✭✭✭✭NIMAN


    Not sure, but maybe go to one of the lenders websites that has a mortgage calculator, see what is the lowest amount they allow you to put in?


  • #3
    rahenyrover
    Registered Users, Registered Users 2 Posts: 222 ✭✭rahenyrover


    Typically €40,000 is the minimum.


  • #4
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭from_atozinc


    rahenyrover wrote: »
    Typically €40,000 is the minimum.

    Thanks.
    Would it work out cheaper just to get a standard loan for this amount ?


  • #5
    rahenyrover
    Registered Users, Registered Users 2 Posts: 222 ✭✭rahenyrover


    Really depends on the purpose. Monthly costs are cheaper on a mortgage but that is somewhat offset by the up front legal costs. However if you are buying as opposed to releasing equity you are likely to have a solicitor engaged anyway for that so may not be as big a difference.


  • #6
    afatbollix
    Registered Users, Registered Users 2 Posts: 4,068 ✭✭✭afatbollix


    Most of the time a bank wouldn't give you such a big amount of money with out a security. I would apply for the loan first as you would have it paid off quicker than a mortgage.

    You will pay a higher apr on the loan but its paid off quicker.


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  • #7
    rahenyrover
    Registered Users, Registered Users 2 Posts: 222 ✭✭rahenyrover


    afatbollix wrote: »
    Most of the time a bank wouldn't give you such a big amount of money with out a security. I would apply for the loan first as you would have it paid off quicker than a mortgage.

    You will pay a higher apr on the loan but its paid off quicker.

    How would you pay it off quicker as a personal loan? Realistically how quick can you pay back a 50k loan, it's likely going to be a minimum 5 years and you can take a mortgage over 5 years.


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