Hi, I'm an owner-occupier, current ltv is 25 per cent with 10 years remaining on variable rate mortgage, in permanent employment with 90k gross income, no credit card debt, small car loan of 5k, no repayment difficulties on anything and usually can save a couple of hundred euro a month. Repayments on all outstanding loans are currently 23 percent of my net income. I want to release equity such that the repayments would be approx 30 per cent net income,but the criteria and documentation needed by a few banks (kbc in particular) seems a bit onerous to me given the circumstances. What is the standard across the industry regarding proof of purpose for an equity release abd staged drawdowns, etc?
Thanks!
Thanks!