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Investing the lot or clear debts first

peposhi · 2017-03-24 08:10:35

Currently selling a house abroad and when the deal is closed there would be a approx 60-65k spare. My wife rents an office for €500 a month all included which is not bad at all. We thought to buy a house/bungalow where she could move her practice and pay mortgage instead of renting. We have a CU loan over 5 years and pay…

24-03-2017 9:10am

#1

peposhi

Registered Users Posts: 1,404 ✭✭✭

Join Date: October 2008

Posts: 1366

Currently selling a house abroad and when the deal is closed there would be a approx 60-65k spare.
My wife rents an office for €500 a month all included which is not bad at all.
We thought to buy a house/bungalow where she could move her practice and pay mortgage instead of renting.
We have a CU loan over 5 years and pay €750 a month and a mortgage €120000 left over 25years - €600 a month.

Am I correct to say that it is better to clear the CU loan first and use the €30k left as a deposit towards purchasing a small second house in the price bracket of €90-130k to use as an office.
I doubt the bank would be willing to give us a loan/mortgage if we were to use the €60-65k as a deposit given the current amont of monthly payments we have...

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#2 14-08-2017 1:36am

peposhi

Registered Users Posts: 1,404 ✭✭✭

Join Date: October 2008

Posts: 1366

Could the mod delete this thread, please.

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