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Mortgage Options

  • 10-07-2006 10:50am
    #1
    les_steaks
    Closed Accounts Posts: 108 ✭✭


    Hi all, does anybody know of anybody in Ireland who offers greater than 100% mortgages? I have a personal loan that I would like to consolidate with a mortgage. Any help/ advice much appreciated, Cheers, Les


Comments

  • #2
    BendiBus
    Closed Accounts Posts: 2,074 ✭✭✭BendiBus


    No. Don't even think about it. That's way too much debt, especially at a time when interest rates are rising. No bank in it's right mind would lend you more than your property was worth. How would they get their money back if you default?

    Even if it was possible, starting out in a negative equity position would be utterly insane.


  • #3
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,378 ✭✭✭✭jimmycrackcorm


    BendiBus wrote:
    No. Don't even think about it. That's way too much debt, especially at a time when interest rates are rising. No bank in it's right mind would lend you more than your property was worth. How would they get their money back if you default?

    Even if it was possible, starting out in a negative equity position would be utterly insane.


    I disagree. Affordability is paramount. No matter what opinions people haveon the direction of the property market, long term the gains only go up. Negative equity only applies if you can't pay your mortgage otherwise it is simply a phrase in the same manner as equity is when you can't buy a cheaper home nearby. In any case people usedtogiveout about 100% mortgages the same way and they are standard now.

    You'd need to see a broker to try get a higher mortgage. It would also helpto get a guarantor.


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