Home equity release!

M

Marble

Registered User
Messages
29
Looking for advice, due to recent reduction in incomes from 2 to 1;

Current mortgage of 195K with 24 yrs remaining
House valued at 600K
Gross income of 55K
Only other loan is 6K car loan.

Looking to release equity to complete decoration of the house and clear car loan. I am wondering what amount I can increase the mortgage to (would like to release 25K to complete our plans).

Thanks
 
You have a very healthy loan to value ratio of 32.5% there so assuming that you can service the repayments on the topped-up loan with the reduced income then I can't see any reason why your lender would not be amenable to assisting you. How much are you lookin for?
 
Clubman, thanks for the reply

Looking for 25K on top of the existing 195K, totalling 220K, and the repayments should not be a burden as I plan to extend the mortgage term from 24 to 30 years.

I really want to avoid legal fees so was looking at these switcher products...maybe Ulsterbank or ebs but have no idea if they will lend this amount to me.
 
Hi Marble,

Both the EBS and Ulster will be tripping over themselves to give you the mortgage! The latter are cheaper on their tracker rate of 2.95% (2.85% if you open a U First current account at c €9 per month). Got for it!

Sarah

www.rea.ie
 
Sarah,

Thanks, What a smile you have put on my face...made my weekend!
 
I'm with EBS the last 18 months. Mortgage of +/- 158K on a house bought for 300K in May 2007.
I would like to release 3-4K to re-do the bathroom.
Does anyone know whether EBS imposes a minimum equity release amount? Someone told me it was 10K.
Thanks.
HMC
 
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