This comes up from time to time on AAM and doesn't seem to be possible.I am now thinking of switching my mortgage to KBC (or another lender) and drawing down €40 000 more to fund the house purchase.
Does anyone know if this is possible?
Hello,Outstanding mortgage of €160,000 on a property worth €220,000 gives you equity of €60,000, not €80,000.
Without securing the new borrowing on the new property it would also give you borrowings of €200,000 on a house worth €220,000 which I doubt many banks would agree to.
You also haven't mentioned how you plan to fund the renovations?
You might have more luck with a broker.I've checked with some of the banks about a buy to let mortgage and they told me you have to borrow a minimum of €100 000.
Whenever this gets asked on AAM it doesn't seem possible. When I asked BoI a few years ago they said strictly only for verified renovations.There is no to convince Ulster Bank to release the equity, even if I told them I was switching to another lender?
Or by switching to another lender and drawing down my current mortgage + €30 000 extra?
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