'We'll need to top up our loan to pay for renovations'
Published 03/02/2016 | 02:30
FINDING a suitable house for a family in Galway city proved a challenge for Eoghan and Ann-Marie Kennedy.
The couple, parents to Dylan (3) and Maiya (1), both work in IT and wanted to avoid long commutes by moving outside the city.
Mr Kennedy says it has taken a while to find what they wanted. They are beyond a starter home, but struggled to find what they wanted.
"We ended up buying a four-bed detached house in an old part of Galway. It dates from the 60s or 70s," he said.
"We are going to renovate it."
They were looking for a suitable home for two years.
Major renovation work is due to begin soon, and it is hoped to have it finished by the summer. The couple arranged a mortgage through Permanent TSB, and are full of praise for the Terryland branch manager John Concannon.
The Kennedys got a mortgage rate of 3.5pc, which they are pleased about, and €1,000 towards their legal fees from Permanent TSB.
They need to top up the original loan to fund the construction work.
Permanent TSB has shaken up its mortgage offering this year with a new 3.5pc one-year discount rate for new buyers, cashback of 2pc of the value of the mortgage, and flexible payment options.
The new offer is known 3in1.