Equity Release

[onway]

We currently have a €60,00 mortgage on a property valued at approx €150,000.We want to release equity - €75,000 - in order to build a house for re-sale. Our current rate is 3.35% tracker.

1. Should I change companies for a better deal??

2. Can I tell my lender that I want money for another property??(I said that I wanted it for home improvements when I rang to enquire. )

All advice appreciated.

 

[Sarah W]

1. A 90% remortgage at ECB + 1.1% is as good as you're going to get.
2. Yes. As long as you have the income and equity and the funds are not being used for business, illegal or speculative purposes there shouldn't be an issue.

Sarah

www.rea.ie

 

[onway]

Have received offer letter from my mortgage co. for my €75,000 @ 3.08%fixed for 1 year and my original €60,000 to continue at current tracker - ECB + 1.1 . ( 3.35% at present)

Was wondering if I should go with the current NIB Switcher service and take a 2year fixed rate @3.29% on my total mortgage - €135,000???

A bit concerned that after the 2 years my tracker would then be ECB + 1.25 with NIB - rather than my current ECB + 1.1.