Equity release on House

K

KENB

Guest
Hi, I applied for equity release on my house from ptsb, only to be told they would not risk this, even though I told them I'd use my SSIA to clear my €400 per month car loan, the amount i'm looking for will replace the SSIA savings amount i've put into the SSIA for the past 5 years. I've never been overdrawn or have a bad credit , yet they will not entertain me. Can anyone suggest an alternative, Ironically they told me I could get a reduction on my mortgage rate to the .8% tracker rate if the mortgage is less than 80% value. So next month I could have up to €800 euro to save yet I cannot get this equity for a better quality life.
All suggestions would be appreciated as I cannot honestly understand this at all.
Thanks
Ken:confused:
 
Lenders calculate risk mainly based on income multiples, LTV and stress tests.

Do you have other loans, maintenance, dependents etc? When does your SSIA mature? When you pay off your car loan, contact your lender and ask if they will re-assess your application.
 
Only one other very small 100 per month. SSIA maturing this month,. Re applying then is too late as I need approval in principle now, to purchase a mobile. I'll now have to let it go and hope something comes back up next year which is a real shame.
I just don't understand it at all as I certainly would not have applied if I did think we would struggle with re-payments.

Thanks for the advise though much appreciated.

Ken
 
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