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Home improve loan - Ex Pat, lot of equity

  • 25-05-2018 1:25pm
    #1
    Eniledam
    Registered Users, Registered Users 2 Posts: 19 ✭


    Good afternoon,

    I am UK based, I own a property in Ireland, with equity of around Euro 800k.

    I would like to get a loan of €50k max, maybe less to do some improvements and small extension. I would like loan based on Irish income, up to Euro 3k from property, per two independent Estate Agents along with Irish savings of Euro 12k.

    Where would you recommend I apply to? Credit union have offered loan of Euro 30k but interest is 12 per cent.

    I work full time and have property in the UK with small equity but don't want to rely on this.

    Thank you.


Comments

  • #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Is there a mortgage on the property? If therenis a top up for property renovation would be the cheapest. If not a personal loan will cost around 7% on average.

    Is the income €3k per month? Assuming its in your personal name youve to allow for tax before funding a loan repayment.

    In any event a bank is not just going to rely on the €3k a month info from estate.agents. theyll need full details if youre incomings and outgoings to establish repayment capacity. Theyll also discount some of your rental income to allow for non rental periods.


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