equity release for new property

hi,
i have bought a property in bucharest and need to get a mortgage. my house in ireland is valued at 250k. i have a mortgage on it of 142k, which includes equity i used on another property in bulgaria which was 44k. can i now release more equity on my house to sort out the new property in bucharest. i will need another equity release of 60k. what are the banks position on this and how much equity, do they let you release. thanks

It depends on teh bank.

But it's possible you may get 80% - which means you will get 58k.
i.e. 80% of 250k = 200k less your current mortgage = 58k.

That is of course assuming the banks are happy your income allows you to pay off this extra amount on teh mortgage each month.

What part of Ireland? ...... I can organise it for you if your income is sufficient (excluding BTL income) although this is dependent on the area in which you live, I'll go up to 95% LTV although technically I can go up to 100%, (however it will most likely be declined by the underwriters due to the current credit environment).

Term time between 5yrs and 20yrs, if your credit history is good then I will do you a good deal.

I work for a very large high street bank. I'll PM you my work contact details - if I can do your area.

Regards,

Richard.

Just wondering kinda along same lines. Have house valued at 200k. Mortgage is 114000k. want to buy a site for 50k. how can i get a loan to buy site. self certified mortgage but my mortgage lenders dont finance sites. long term plan is to build and sell this house. any ideas

A good broker should be able to get you finance, I would say you would be able to get 80% of the 86K equity in your property.

Just make sure you have the ability to make the loan repayments if your site goes belly up. If it is your home, then it mightnt be advisable to put it at risk.
I would usually only reccomend equity release to people who have a lot of equity available, or if it is an investment property they are leveraging (not their own home), and in a low risk situation.

Just interested in which part of Bucharest you bought and what you paid per m2?

Nosey I know, but I try and stay informed!!

i bought in baneasea. its called the greenfield development topaz. i paid 1750euro m2.

Not the worst of prices for Baneasa. I've recently heard of properties changing hands in that area for up to 3500 Euro/m2 albeit with frontage onto a lake.