Hopefully this is the right place for this question.
I currently own a debt free property (worth €1.3m+), however long term i want to rent this property out and buy another property to live in. A broker mention that I could potentially re-finance the loan of the other property against this current house, and that way can claim interest relief off the tax (plus my PPR would be mortgage free). However I can't find much information online about borrowing against a property - other than about equity release and being over 60 (which i'm not nor near that age). Part of the reason why i want to borrow against the house is the amount that i can borrow might be higher than through my salary x4 + savings. In my mind putting up a house worth 1.3m+ as collateral for a loan of say max 40% is a no brainer for the banks, plus the future rental income.
I spoke to someone briefly about it in the bank and they said there are restrictions when comes to equity release, but it's more a mortgage i want as oppose to an equity release scheme.
I currently own a debt free property (worth €1.3m+), however long term i want to rent this property out and buy another property to live in. A broker mention that I could potentially re-finance the loan of the other property against this current house, and that way can claim interest relief off the tax (plus my PPR would be mortgage free). However I can't find much information online about borrowing against a property - other than about equity release and being over 60 (which i'm not nor near that age). Part of the reason why i want to borrow against the house is the amount that i can borrow might be higher than through my salary x4 + savings. In my mind putting up a house worth 1.3m+ as collateral for a loan of say max 40% is a no brainer for the banks, plus the future rental income.
I spoke to someone briefly about it in the bank and they said there are restrictions when comes to equity release, but it's more a mortgage i want as oppose to an equity release scheme.