Hello,
I am looking at a buy to let property in my local area. The property is listed at €70 000, but it is in need of renovation.
I have €30 000 in cash myself, so I need €40 000 to purchase the property. I do not want to borrow this at a personal rate of 8-10%.
My own house is valued at €220 000 and the outstanding mortgage is €140 000. This gives me €80 000 equity in the house.
My mortgage is with Ulster Bank and I have spoken with then about a top up mortgage to borrow €40 000 more.
I have been told top up mortgages can be used only for home renovation, not borrowing to fund buy to let.
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?
Or has anyone got any better ideas on how to release the equity from my house or borrow €40 000 at a cheaper rate?
Thanks
Enthrope
I am looking at a buy to let property in my local area. The property is listed at €70 000, but it is in need of renovation.
I have €30 000 in cash myself, so I need €40 000 to purchase the property. I do not want to borrow this at a personal rate of 8-10%.
My own house is valued at €220 000 and the outstanding mortgage is €140 000. This gives me €80 000 equity in the house.
My mortgage is with Ulster Bank and I have spoken with then about a top up mortgage to borrow €40 000 more.
I have been told top up mortgages can be used only for home renovation, not borrowing to fund buy to let.
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?
Or has anyone got any better ideas on how to release the equity from my house or borrow €40 000 at a cheaper rate?
Thanks
Enthrope
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