Equity release mortgage

[Strathspey]

Does the application for an equity release mortgage have to be with the bank that holds the principle mortgage. I have a mortgage of Euro 100 000 with Bank of Ireland (tracker 1.65% with 15 years remaining) on a home worth conservatively at Euro 220 000. I was looking for a Euro 20 000 equity release mortgage from Bank of Ireland and am not happy with their rate or their response. Could I apply to any of the other banks for an equity release mortgage without sacrificing my principle tracker mortgage with Bank of Ireland?

 

[wbbs]

Yes it does, otherwise it's just a personal loan. The bank the mortgage is with is the only one that can release further equity on the property as they hold the house as security. Very difficult to get any sort of equity release these days, B of I's offer may be the only option.

 

[Brendan Burgess]

I was looking for a Euro 20 000 equity release mortgage from Bank of Ireland and am not happy with their rate or their response.

Hi Strathspey

What was their rate and response?

Brendan