Releasing equity

[Joe Nonety]

I bought a house from the plans 5 months ago and am due to get the keys in 4 months. The house has gone up €30,000 in value since I bought it. Can I release some of this equity in order to get a €10,000 loan at the same interest rate as the mortgage to be used for fitting out the house?

 

[ClubMan]

What loan to value ratio were you on originally (i.e. what is the purchase price and how much is the loan)? It probably depends on the lender. Some may facilitate you but others may be reluctant to do an equity release top-up so early on in the mortgage. In addition any borrowings will be subject to other criteria (e.g. percentage of disposable income etc.).