Good afternoon
Before I go talking to brokers or banks I wanted to see if my query was possible in the current climate.
Is it possible to release equity on my existing mortgage?
Background
Existing mortgage outstanding €70k
Term 29 years aprrox
Current value €175k (Conservative estimate based on similar property sales in past 3 months)
detached PDH in Letterkenny Co Donegal
Monthly repayment €290
Rate 2.7% (i think) variable with Haven mortgages
Personal background
Full Time permanent employed sál approx €38k
Age 33
Single no dependants
Reason to request equity release
-i purchased the property in 2014 at a much reduced price and put all my savings to facilitate the purchase along with cosmetic renovating the property incl having to take out personal loans, credit card in the years since current personal debt approx €25k
-would any institution that you are aware of look at releasing equity of €25k to allow me put my personal borrowings onto the mortgage given the very low LTV held
- I am aware of the additional costs involved in placing short term debt onto the mortgage however this is something that I have considered & feel comfortable with.
Any help would be greatly appreciated
Thank you
Before I go talking to brokers or banks I wanted to see if my query was possible in the current climate.
Is it possible to release equity on my existing mortgage?
Background
Existing mortgage outstanding €70k
Term 29 years aprrox
Current value €175k (Conservative estimate based on similar property sales in past 3 months)
detached PDH in Letterkenny Co Donegal
Monthly repayment €290
Rate 2.7% (i think) variable with Haven mortgages
Personal background
Full Time permanent employed sál approx €38k
Age 33
Single no dependants
Reason to request equity release
-i purchased the property in 2014 at a much reduced price and put all my savings to facilitate the purchase along with cosmetic renovating the property incl having to take out personal loans, credit card in the years since current personal debt approx €25k
-would any institution that you are aware of look at releasing equity of €25k to allow me put my personal borrowings onto the mortgage given the very low LTV held
- I am aware of the additional costs involved in placing short term debt onto the mortgage however this is something that I have considered & feel comfortable with.
Any help would be greatly appreciated
Thank you