Are equity releases possible!?!?!

ben10

Registered User
Messages
25
Firstly,apologies for my ignorance...
Myself & my wife both have our own homes from before we met, neither home is suitable for us to live in as we have one child & are planning another. So we would like to get a larger house.

My home is in negative equity, to the tune of about 30K.
however, due to location, the mortgage would be well covered if we were to rent it.

Her home has about 150k equity in it but was a family home & a family member still lives there so cannot be sold.

we would like to try boost our savings for a deposit, would an equity release be an option or is there even such a thing??
 
One of the main issues here is the family member living in her house. A new bank looking to lend against the property would not want any complications if they need to repossess the house, in the event of non-payment of the mortgage. A family member with a right to residency - especially an elderly family member - would be enough to put most banks off.

It's possible that one or two banks may consider lending against the house if the residing family member signed a waiver to any right to residence, but there would still be the issue of funding the increased mortgage, as well as the new mortgage you are planning to take out. It would not be reasonable to suggest that the property is being rented out currently and into the future, unless there is rent to show, so your incomes would need to support three mortgages with rental income on only one. Technically possible, but it looks very difficult.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl (LinkedIn profile and client testimonials)
 
Are you living in your property? Is a house extension a possibility.

Can you afford a new property, have you a deposit etc.
 
Back
Top