Hi,
We are in the process of paying for a site that we received planning permission for in Kilkenny. We will not start building for probably 2 years. Have a property in Northern Ireland that will sell next year to finance build of house. We are looking at releasing equity from our house in Dublin. The current value of the house is €450K and current mortgage of €285K. We would like to release €60K for site. We would then like to keep the Dublin house as an investment property.
Currently have a tracker mortgage of ECB+0.75% with BOI was offered the €60K as a second mortgage at discount first year of ECB+0.65 then ECB+1.15%. They will not offer us the ECB +0.75 rates.
Would there be any advantage in switching mortgage to another lender for the full €345Kor would we be better staying with BOI?
If so who would be the best lenders to approach?
Appreciate any ideas
Thanks Dinny
We are in the process of paying for a site that we received planning permission for in Kilkenny. We will not start building for probably 2 years. Have a property in Northern Ireland that will sell next year to finance build of house. We are looking at releasing equity from our house in Dublin. The current value of the house is €450K and current mortgage of €285K. We would like to release €60K for site. We would then like to keep the Dublin house as an investment property.
Currently have a tracker mortgage of ECB+0.75% with BOI was offered the €60K as a second mortgage at discount first year of ECB+0.65 then ECB+1.15%. They will not offer us the ECB +0.75 rates.
Would there be any advantage in switching mortgage to another lender for the full €345Kor would we be better staying with BOI?
If so who would be the best lenders to approach?
Appreciate any ideas
Thanks Dinny