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Loan OS versus Mortgage

  • 13-03-2006 06:04PM
    #1
    Hmm_Messiah
    Registered Users, Registered Users 2 Posts: 1,964 ✭✭✭


    Not sure I am in the right forum, feel free to advise.

    I have a morgage on my apartment. also I have a C Union loan of around 14000.00

    I hate debts (heheh but sure can create them) and am trying to clear this @ 130.00 a week. which works mostly until I then borrow a bit for say new floors etc, most fo that is complete though now.

    Anyways the rate is near 8% and I end up paying off 30 a week in interest.

    I was wondering is it a good idea or not for me to try remortgage and include that loan , hopefully increasing my mortgage repayments by a less amount, the difference maybe into a savings account to so its doing some work ?

    Is it easy to re-mortgage?
    I know I'll only get TRS on the part to do with house, however this cresit union loan is down as "home improvments" can I claim any relief on that ?

    Am I wise to commit the 14k to 35 yrs repayments

    Also mortgage is for 35 yrs, should I try renegotiate to smaller term, or would this make any difference if I intend to sell before that time ?

    any advice would be appreciated.


Comments

  • #2
    Hmm_Messiah
    Registered Users, Registered Users 2 Posts: 1,964 ✭✭✭Hmm_Messiah


    wrong forum?


  • #3
    masterK
    Registered Users, Registered Users 2 Posts: 2,757 ✭✭✭masterK


    I wouldn't be too keen to be paying off a loan of that amount over the life of my mortgage, you'll end up paying a whole lot more interest.

    Some mortgage providers will allow you to avail of equity release where by you borrow money at the same rate as your mortgage yet it can be over any term you want, it's like a loan on top your mortgage. I know Bank of Ireland definitely do this.

    Depending on the age of you apartment and the difference in it's value now from the purchase price the bank may ask you to get a valuation done which will cost in the region of €300, which could offset any savings on interest.


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