Property Investment Equity Release

[thebigsmith]

Age 38: Salary 88K Public Sector
Partner: 60K Private Sector

PPR No Mortgage value 230K

Investment Property 1: Value 275K Mortgage Left 100K Tracker
Investment Property 2: Value 100K Mortgage Left 20K
Investment Property 3: Value 70K No Mortgage
Investment Property 4: Value 60K No Mortgage

Total Rental 31.5K Per year
Total Mortgage Repayments 18K


Looking at a 5th Investment property cost 380K rental 25K. This would bring rental to 56.5K and increase mortgage to 42K
Questions is are there any banks doing equity release on a scenario as outlined above to raise deposit to purchase the property above.

Thanks in advance.

 

[Leo]

Please edit your thread title to make it meaningful.

 

[thebigsmith]

You are in a great position at 38...As the values of the properties seem fairly low I am wondering what type of rent are you getting per month on the current properties. Before I would run on 5th mortgage I would see what I can do to improve the rental income on the current properties.
What type of property are you intending to buy...380K would buy a very decent house...
http://www.icsmortgages.ie/ are well worth speaking to ...they are good to deal with and prepared to work with seasoned investors like yourself. Anyway contact them via a broker... Where are you based ??? Dont have to be too specific in case I will recognise the ladwith the 5 houses and have the nation after you to give you a flogging for providing accomodation...(end of rant )

3 houses are rented and rent is maxed out. Have to get the 4th one ready for rental 6-8 months away due to time constraints. Any broker recommendations if allowed.