Extra cash on mortgage

S

ss45

Guest
Hello there,
We took out a mortgage(EBS) during december last year on a 3 bed end of terrace property in Dublin area. After staying in this property for an year, we thought of relocating back to our home country for some reasons. The property is currently on rent which is ofcourse yeilding 150 Euros less than the actual mortgage we are paying. We are still servicing the mortgage promptly but looking at some of the unavoidable and unforseen circumstances, we are thinking of borrowing extra cash either from from EBS or from Ulster bank(mortgage is coming out of this account). As we are currently residing outside Ireland do you reckon we are eligible for a loan amount? If so please advice. We are not interested to sell the property currently as there is a huge slump in the selling market. Any advice greatly appreciated.
Regards,
ss45
 
ss45 said:
We took out a mortgage(EBS) during december last year on a 3 bed end of terrace property in Dublin area. After staying in this property for an year
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How did you manage that when December last year is only about two months ago?
 
Did you pay the stamp duty clawback on renting the property out within 2 years of purchase as an owner occupied PPR? If not then this liability presumably remains outstanding?
 
Yes, I have paid the total of 6% stamp duty, 3% when I was FTB and another 3% when I let the property on rent.
 
If you are temporarily non resident and your intention is to return to Ireland, you should be able to increase your mortgage, provided you are able to service the additional borrowings. You will have to apply (advising your current employment status, purpose of additional borrowings etc) in order for the lender to make their decision.
 
Im not so sure they will give you extra cash. I wanted an extra 10,000 cash for furnishings from ebs, but they said that the market value of the house hasnt gone up enough to justify that. Sorry to hijack this thread, but can anyone tell me what the legal fees for switching a mortgage to avail of the 2,000 ulster bank are offering for switching mortgages? If its alot it would not be worth while switching
 
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