releasing equity - are banks still letting home owners do this??

[Irishchappie]

Posted a thread on AAM about a friend who was suffering financially with debts and a secured home loan was a possibly option for consolidating. They are having difficulty getting one, which could be due to a number of factors in todays current climate.

But it got me wondering, are banks giving out secured home loans or allowing people increase their mortgages on houses that were bought years ago so those that own them have low mortgagtes and want to release some equity.

I.C

 

[LDFerguson]

Yes they are, but different banks have different criteria. AIB generally don't do refinancing of existing debt. Others will only go up to a certain percentage of the property value.

www.ferga.com

 

[Senna]

Its also based on the peoples ability to repay. A person could have a house worth 500k today and a mortgage of 50k, but if they dont have a steady income and ability to pay, they wont get a cent.

 

[Irishchappie]

I kinda figured that alright, but with everyone going on about how tough it is to get loans/mortgages etc I was just wondering is it possible..

I know everyone including banks got their fingers burnt in the whole credit crunch/recession and was just curious..

Thanks for the feedback guys.

I.C