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Five Year Mortgage

  • 04-10-2018 9:40am
    #1
    mrsoft
    Registered Users, Registered Users 2 Posts: 69 ✭✭


    Looking to get about 25k worth or renovations to the house. Currently have about 28k left on the mortgage (a little over 2 years) with another 20k credit union loan.

    Do banks give out mortgages for 5 years for this purpose?

    The paying back will not be a problem. I just want to go with the cheapest possible option.


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,671 ✭✭✭✭NIMAN


    I don't think they do to be honest.

    Thats more 'personal loan' territory.

    Think about it, why would they give you a 5 year loan at 4.0% (approx mortgage rate) when they could sell you a personal loan at 8%?


  • #3
    Wheety
    Registered Users, Registered Users 2 Posts: 5,516 ✭✭✭Wheety


    Ask them for a top up and see what they say.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You should get a top up over a term of 5 years from your existing lender once you qualify on income and affordability and basically meet their criteria. If they have a minimum loan then you might consider adding in the CU Loan.
    mrsoft wrote: »
    Looking to get about 25k worth or renovations to the house. Currently have about 28k left on the mortgage (a little over 2 years) with another 20k credit union loan.

    Do banks give out mortgages for 5 years for this purpose?

    The paying back will not be a problem. I just want to go with the cheapest possible option.


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