I'll tell you what's daft, the fact you keep posting.ah here! this is daft - we've agreed that banks offer home improvement loans, which is a loan secured on your home!
Hi all. I can't seem to find much information on line about this, but we are a couple in our early 40's. Mortgage paid off. Would like to buy another house to give to our son. My question is can we re-mortgage our primary home to fund this to avail of the lower interest rates.
What age is your son?
Do you have to do this now?
Has he an income in his own right?
Can you help him to buy his own house?
Brendan
A home improvement loan is unsecured. That's why the interest rate is high.
No. That's a mortgage top-up. Which is obviously secured.so this from PTSB (as an example) is totally untrue then? And they will lend €100k without security?
Indeed.It's all irrelevant in the context of the OPs query.
Thanks for that life lesson. Did i say i would be handing over the house straight away? I have three children, two houses already, and intend to obtain another for my third child. I want them all to have a home when I'm dead and gone if they need it, this would not hinder them purchasing their own home like I did. Something my parents couldn't dream of doing for their family. My kids all have part time jobs and are still in school, work for their pocket money and know the value of looking after the pennies. I would rather leave them something of value than to see them struggling to obtain a home for themselves, nobody know what is ahead of them. And my pension is very healthy thank you! My question was a simple one and it has already been answered so I don't understand why you felt the need to confirm that.Why do you want to take on more debt for yourself and give your son a house? Unless there are exceptional circumstances, you are sending out the wrong message to him. He does not need to be independent and can always rely on the bank of mum and dad to pay for things. In the meantime, you have taken on more debt to pay for him home, money that can be used to fund for your own future and your own retirement. Help your son out financially, sure, but buying him a house by taking on the debt yourself is the wrong thing to do.
...and you can't release equity in your own home to purchase another property. Banks will allow equity release for extensions etc but you have to submit plans.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
Hi Brendan,What age is your son?
Do you have to do this now?
Has he an income in his own right?
Can you help him to buy his own house?
Brendan
Thanks for that life lesson. Did i say i would be handing over the house straight away? I have three children, two houses already, and intend to obtain another for my third child. I want them all to have a home when I'm dead and gone if they need it, this would not hinder them purchasing their own home like I did. Something my parents couldn't dream of doing for their family. My kids all have part time jobs and are still in school, work for their pocket money and know the value of looking after the pennies. I would rather leave them something of value than to see them struggling to obtain a home for themselves, nobody know what is ahead of them. And my pension is very healthy thank you! My question was a simple one and it has already been answered so I don't understand why you felt the need to confirm that.