We're currently under 50% LTV with 17 years remaining on the mortgage. Currently in our second year of a 10-yr fixed rate of 2.85% which I know can't be beaten.
However, we're looking to build an extension as our family is growing up and we're in a small house.
Current home value: €320K
Current mortgage balance: €145K
Extension & renovation cost: €150K
Estimated home value following works: €420K +
Married couple
3 dependent children
1 parent working earning a salary (€70K) + commission (€15K - €20K approximately)
Mortgage payment of €900 per month
Car loan of €500 per month
No other debt.
Banks are refusing to touch us.
My employer offered to fund our extension (€150K) if we can get mortgage approval - so that when the build is complete (12 - 14 weeks) we can repay the employer. Employer also offered to be guarantor on our mortgage application.
I'd love to know if we realistically have any chance, and whether any lenders are less rigid than others!
Thanks.