Mortgages

Mars33

Hey,,

Just lookin for some advice about obtaining a mortgage... I own a property valued at about 120,000 euro it was my granny's house left to me... I have savings of 50,000 from sale of another house... I am currently only workin part-time or as the work comes up some weeks more than others... I want to extend the house as it's a small cottage the extension cost is about 80 000 so I need to borrow 30,000... I've been told not to bother applyin for a mortgage if I'm not in permanent full-time employment... Just wonderin has anyone any advice for me...

Thanx

Marianne

joanna28

I couldnt see any issue witj banks loaning you this ,omce you can prove you can afford to pay repayments on it.BEst of luck.

Mars33 wrote: »

Hey,,

Just lookin for some advice about obtaining a mortgage... I own a property valued at about 120,000 euro it was my granny's house left to me... I have savings of 50,000 from sale of another house... I am currently only workin part-time or as the work comes up some weeks more than others... I want to extend the house as it's a small cottage the extension cost is about 80 000 so I need to borrow 30,000... I've been told not to bother applyin for a mortgage if I'm not in permanent full-time employment... Just wonderin has anyone any advice for me...

Thanx

Marianne

rampantbunny

Can't offer any real advice Mars33 except to say that you might be better posting this in the Banking & Insurance & Pensions forum.
There's a great thread there about Self Build Mortgages - I know its not exactly what you're after but lots of advice to be had nonetheless.
One poster in particular is impressively helpful.

dwiseman

If you joined your local credit union they are quite favourable to making loans at a maximum of 3 times the amount of your savings. In your case you could lodge 15k into a savings account and then apply for a 45k loan. That 45k loan coupled with your remaining savings of 35k would give you the 80k required for the extension. The 15k lodged in the c.u. must stay there until you have repaid the amount borrowed. Not sure of the interest rates but if you have no joy with the bank it's an avenue worth exploring. At any point during the loan period you can make larger payments than agreed at the outset or pay off the balance in full without any form of penalty from the C.U.

Morrisseeee

ignore

Calahonda52

Mars33 wrote: »

Hey,,

Just lookin for some advice about obtaining a mortgage... I own a property valued at about 120,000 euro it was my granny's house left to me... I have savings of 50,000 from sale of another house... I am currently only workin part-time or as the work comes up some weeks more than others... I want to extend the house as it's a small cottage the extension cost is about 80 000 so I need to borrow 30,000... I've been told not to bother applyin for a mortgage if I'm not in permanent full-time employment... Just wonderin has anyone any advice for me...

Thanx

Marianne

80 on 120 seems a big wedge which may not be recoverable with any downturn in property values so I would not advance the funds.
CU loans may be more expensive: just did one at 10.5% for a client