Equity Release / Remortage

Hi folks,

myself and my wife, both working ft with combined salary €85,000 with 1 dependent.

our house is located in South Dublin and we have €12k left on the mortgage. It was part paid by my wife’s father and market value around €700,000. The house is in need of refurbishment, with a lot of work required I’d estimate €200k in total.

The bad news; I was self employed and have legacy debt from my company about €35k and personal debt €25k

my repayments for 3 loans including old company is €1200 per month. I am in full time employment and won’t be returning to self employment but I can’t liquidate the company because loans are personally guaranteed.

in a perfect world, I would like to consolidate my debt into a remortgage/ equity release and get the house done up to bring my monthly repayments down. My wife, spoke with AIB who said they don’t include refinancing with mortgages.. I’m with BOI

just wondering if there are any options available to me.. I have 3 years left to pay on my legacy debt under current circumstances.

You could try a broker. They would have a better idea of what's possible. That's a heck of a lot of refurbishment though. If you spent that amount of money how much would the house be worth. Right now is a very bad time to do any kind of work as the costs are so high. Would you be better off leaving this house and purchasing something else.