Hi All,
Looking for some advice as Ive been getting conflicting information on the phone to various banks. Im looking at the possibility of borrowing about 80K from a family member to build an extension this summer and in the near future releasing the equity and borrowing to pay back the loan.
BOI have general info on their website around this possibility and I was told by one adviser some weeks ago it is possible and they would consider it, obviously depending on the LTV and amount of equity etc. Today I was told by another BOI adviser they only release equity for home improvement loans.
The problem is I will not be in a position to apply for a loan for at least 18 months (as my wife is on a career break) but the extension is needed ASAP!
There is about 260 K on the current mortgage, Id say its worth about 290,000 we've a combined income of about 80,000, no other loans, 3 kids!
Any advice? Obviously I now there's no guarantees but I just want to know if its as has just been stated to me i.e banks don't do that ever, or if they consider equity release for paying loans on a case by case basis!
Thanks
Looking for some advice as Ive been getting conflicting information on the phone to various banks. Im looking at the possibility of borrowing about 80K from a family member to build an extension this summer and in the near future releasing the equity and borrowing to pay back the loan.
BOI have general info on their website around this possibility and I was told by one adviser some weeks ago it is possible and they would consider it, obviously depending on the LTV and amount of equity etc. Today I was told by another BOI adviser they only release equity for home improvement loans.
The problem is I will not be in a position to apply for a loan for at least 18 months (as my wife is on a career break) but the extension is needed ASAP!
There is about 260 K on the current mortgage, Id say its worth about 290,000 we've a combined income of about 80,000, no other loans, 3 kids!
Any advice? Obviously I now there's no guarantees but I just want to know if its as has just been stated to me i.e banks don't do that ever, or if they consider equity release for paying loans on a case by case basis!
Thanks