Loan advice

Glenvw

Hi
I hoping for some of your opinions and thoughts please.
My partner and I recently received approval from our bank for a home improvement loan. We received approval approximately 3 weeks before Covid came to Ireland.
I called the bank a week ago and asked if things have changed regarding drawing down the loan. I was told no, you have been approved and can draw down anytime before the 3 month period is up.
My question is , would you draw down the loan? We are both in reasonably secure jobs , both earning good salaries with only other outgoing been the mortgage. The house does require improvements to be made, but is not urgent.
All of your opinions and thoughts are welcome.
Thank you in advance.

Macker1

Really depends on how you both have been impacted because of Covid-19. If both your personal circumstance haven't been impacted from financial point of view, jobs are as secure as before. Then I don't see any reasons as to why you wouldn't go ahead with your plans as before. Only you can say if it was the right thing to be getting a loan in the first place.

Natural enough to be asking the question but if your looking for reassurance maybe something is bothering you and this current crisis is making you think in more realistic terms.

Best of luck either way.

colm_c

Also not sure how many builders will be available at the moment, not to mention how extensive will the works be? Will you be able to work/stay at home if there are builders in?

I would figure out all the logistics for the works first before doing anything else.

Worst case, you push it out a few months.

If everything remains secure on the job front, there should be no problem extending the approval.

Glenvw

Macker1 wrote: »

Really depends on how you both have been impacted because of Covid-19. If both your personal circumstance haven't been impacted from financial point of view, jobs are as secure as before. Then I don't see any reasons as to why you wouldn't go ahead with your plans as before. Only you can say if it was the right thing to be getting a loan in the first place.

Natural enough to be asking the question but if your looking for reassurance maybe something is bothering you and this current crisis is making you think in more realistic terms.

Best of luck either way.

Thank you Macker1 for the reply
I really appreciate the guidance.
Take care

Glenvw

colm_c wrote: »

Also not sure how many builders will be available at the moment, not to mention how extensive will the works be? Will you be able to work/stay at home if there are builders in?

I would figure out all the logistics for the works first before doing anything else.

Worst case, you push it out a few months.

If everything remains secure on the job front, there should be no problem extending the approval.

Colm_c, thanks for the advice.

Take care

Static M.e.

As above, I wouldn't stop unless you had been made unemployed. If I was in your place, I would call the bank and see about extending the 3 month draw down window for an extra 3 months.

It is unlikely that we will all be back to working normal in another 4 weeks, probably 6 weeks. When things do start back again, the builders etc. will have a backlog of clients who had were scheduled in four weeks ago so they will all be behind schedule and will need to catch up. If you have a builder already lined up, I would speak with them about a revised schedule.

Glenvw

Static M.e. wrote: »

As above, I wouldn't stop unless you had been made unemployed. If I was in your place, I would call the bank and see about extending the 3 month draw down window for an extra 3 months.

It is unlikely that we will all be back to working normal in another 4 weeks, probably 6 weeks. When things do start back again, the builders etc. will have a backlog of clients who had were scheduled in four weeks ago so they will all be behind schedule and will need to catch up. If you have a builder already lined up, I would speak with them about a revised schedule.

Thanks you Static M.e. I appreciate the time you took writing the above.
I think I will do as you pointed out!
Take care