refinancing

M

maranello

Guest
I have mortgage of €155k on property worth €230k approx, would like to refinance mortgage, releasing say €40k, to fund a year off (travelling).

Does anyone know of an institution that would be prepared to finance this?

When I asked the mortgage lender they said the best they could do was a three month payment holiday.
 
You best bet would be to talk to one of the brokers, as they will know which institutions would be likely to take your mortgage & which ones wouldn't. If you're going to move your mortgage don't forget about the legal fees, valutation fees & a bit of hassle.

I have looked into doing something similar myself, but as I can't take a career break (no guarantee of job on my return) lenders are reluctant. Also, you could go interest only for the year, reducing your repayments & rent your property out, thus paying off a smaller mortgage & giving you some income while you are away.

I spoke to rea mortgages if that's any good to you.

Good luck. MH
 
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