Background:
€370k AIB Variable Rate Mortgage drawn down 36 months ago for a €475k house (~78% LTV) originally at 4.29% and various rate reductions have that now down at 3.30%.
Due to a combination of disliking debt and a desire to get the LTV down I have been aggressively overpaying and the balance is now €202k (~€145k ahead of schedule).
If I were to keep going I should be able to clear the remaining balance within 2 years.
However my brother and I have realised that we want to help my mum improve her quality of life and part of that plan is to purchase a house for her to live in. To make the process easier and avoid a joint mortgage we agreed to make it a cash purchase and get the funds from equity release or similar on our own houses.
I went in to meet the Mortgage person in my local branch today to enquire about getting the overpayments back via an equity release expecting this to be an easy conversation since I am an existing low risk customer offering to pay them a bunch more interest but they basically declined my business. They did offer to let me apply for a Buy To Let mortgage at a 50% higher interest rate but that seems like a bad deal to me.
Is there a way to ask AIB for this that will make them more likely to say Yes?
Alternatively if I switch lender are they likely to allow me to release cash as part of the process?
€370k AIB Variable Rate Mortgage drawn down 36 months ago for a €475k house (~78% LTV) originally at 4.29% and various rate reductions have that now down at 3.30%.
Due to a combination of disliking debt and a desire to get the LTV down I have been aggressively overpaying and the balance is now €202k (~€145k ahead of schedule).
If I were to keep going I should be able to clear the remaining balance within 2 years.
However my brother and I have realised that we want to help my mum improve her quality of life and part of that plan is to purchase a house for her to live in. To make the process easier and avoid a joint mortgage we agreed to make it a cash purchase and get the funds from equity release or similar on our own houses.
I went in to meet the Mortgage person in my local branch today to enquire about getting the overpayments back via an equity release expecting this to be an easy conversation since I am an existing low risk customer offering to pay them a bunch more interest but they basically declined my business. They did offer to let me apply for a Buy To Let mortgage at a 50% higher interest rate but that seems like a bad deal to me.
Is there a way to ask AIB for this that will make them more likely to say Yes?
Alternatively if I switch lender are they likely to allow me to release cash as part of the process?