Getting a topup loan on a buy to let tracker

Discussion in 'Tracker mortgages - other than redress issues' started by Bayview 2019, 7 Jan 2019.

  1. Bayview 2019

    Bayview 2019 New Member

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    3
    Have a investment property worth €240 owe €140 it's on EBS tracker buy to let, morgage repayments are €700 rental income is €1,450 I need to raise 80k to invest in a business and looks like I cannot get a top up even at a higher rate and must sell, any advice appreciated
     
  2. Brendan Burgess

    Brendan Burgess Founder

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    36,773
    You will not be able to get a topup. The maximum loan on a Buy to Let is 70% or €168k, so even if EBS did want to lend you money, they would not lend you more than €28k.

    Sell the property if the business is that good.

    Do you have equity in your home?

    Brendan
     
  3. Bayview 2019

    Bayview 2019 New Member

    Posts:
    3
    Thank you Brendan I had equity in my home but I took a loan on that, my buy to let is my only avenue to raise more money so selling will be the option