Buy to let equity release mortgage

D

Doubled2

New Member
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1
Hi,
I am enquiring about people's experiences of buy to let equity release type mortgages and if they are available in Ireland.
Situation would be rented house (mortgage free) value 280k. Rented to a family member at market value for the long term.
Primary residence, mortgage of 190k and value of 600k.
I do not currently have the % deposit for another buy to let but keen to explore equity release in either or both properties to secure buy to let mortgage. Would a bank accept a lower deposit (for example 10%) in combination with equity release?
Fully understand the risks and pitfalls with being a landlord but something I am keen to explore.
Thanks in advance.
 
Doubt you'll get it; others will have more experience, but I haven't seen these offered since the last bust.
 
Doubled2 said:
Hi,
I am enquiring about people's experiences of buy to let equity release type mortgages and if they are available in Ireland.
Situation would be rented house (mortgage free) value 280k. Rented to a family member at market value for the long term.
Primary residence, mortgage of 190k and value of 600k.
I do not currently have the % deposit for another buy to let but keen to explore equity release in either or both properties to secure buy to let mortgage. Would a bank accept a lower deposit (for example 10%) in combination with equity release?
Fully understand the risks and pitfalls with being a landlord but something I am keen to explore.
Thanks in advance.
Click to expand...
Spoke to PSTB and AIB about equity release to buy another btl and both said no. Just asked out of interest but not wanting to do it.
If you need a top up you have to say why you need it. If you want to refurb then you have to provide quotes but they will only give stage payments!!
Forgot to say that they both said you need a valuation on the property before and afterwards before they would release the final part of the mortgage.
 
Why is this seen as an issue here? I would be all for rules about limiting the LTV but it should be a banks bread and butter to strike another mortgage with a customer who has an asset to back it up
 
Sconeandjam said:
Spoke to PSTB and AIB about equity release to buy another btl and both said no. Just asked out of interest but not wanting to do it.
If you need a top up you have to say why you need it. If you want to refurb then you have to provide quotes but they will only give stage payments!!
Forgot to say that they both said you need a valuation on the property before and afterwards before they would release the final part of the mortgage.
Click to expand...
By the way based on using equity in a BTL not own home.
presidenttttt said:
Why is this seen as an issue here? I would be all for rules about limiting the LTV but it should be a banks bread and butter to strike another mortgage with a customer who has an asset to back it up
Click to expand...
Banks are not interested in lending this type of top up at the minute. Rates and stress tests could be the issue. What the lender said was they do not want to get into trouble with the regulator.
 
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