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Mortgage Rule

  • 17-11-2016 5:22pm
    #1
    sohappy
    Registered Users, Registered Users 2 Posts: 665 ✭✭✭


    I wanted to get a mortgage of 70k on a property that I own outright and is currently rented out,. The purpose of the loan is to clear a credit union home improvement loan (25k) and pay back a family member (45k) which was used to help purchase the house. Loan to value is less than 50%, I have no other loans.
    l approached my bank and they said my finances were fine and I could easy make the payments .
    The problem is they said because of central bank rules they won't lend me money to pay a debt that was not issued by a proper lender, they will lend me the 25k as that was from the credit union but not the 45k to repay the family member,
    Seems like a crazy rule as I can easy afford the payments and have a good credit rating.
    Do I have any other options here other than sell the property?


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