Release equity to purchase Investment Property

R

ricky

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I am looking to increase release equity on current house to fund a 90k overseas investment property.This would increase my current mortgage to 215k - salary of 55k + ~3k bonuses,current value of house is about 260k.

What is the best option for me - should I stay with AIB at 3.3% variable or try switch to to a tracker with other institutiion?
Also in terms of solrs fees - what would I expect to pay for the increase+switch,

Thanks
 
I prefer tracker. At least you know the bank's margin.
Coming off a fixed rate the bank will often put you on a non-competitive variable rate.
Means more hassle and negotiation with bank.
With tracker at least less hassle in this regard.
Re whether to go for a fixed rate or a tracker well that is another question altogether.
Personally prefer flexibility of tracker and do not like to be tied to fixed rate in general.
Where are you buying abroad?
 
Thanks for reply.Have found a nice spot on the Dalmatian coast in Croatia - ideal for what I want.
 
Hi Ricky,


Very interested that you have found a spot in Croatia - I'm just back from a visit there, and am seriously interested in investing in Croatia. I find prop prices v high in Dubrovnik, but am interested in some of the areas around this (Milni, Cavtat), or further up the coastline (Slano).

Would like to hear about your experiences - please feel free to pm me
 
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