Releasing equity

H

Haille

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I took out a remortgage with NIB last year to buy investment property at 4.5% APR. I may need another €10,000 to €15,000 to complete renovation of property.Should I return to NIB to release more equity or should I go down route of personal loan.My credit union has home improvement loans of 6.5%APR including insurance. Is the NIB route cheaper option bearing in mind I will have to take out insurance on loan with them any I will also have to employ my solicitor again. Any advice please.
 
NIB let me do an equity release without any legal involvement, all I had to do was increase the mortgage protection.
 
Further to my original query.The quotations I have got €15,000 over 10 years is as follows.N.I.B. at 4.5% repayments €155.52 per month .Total interest over term is €3661.79. N.I.B. branch insist that I consult my solicitor as its a re mortgage of family home.Solicitor's fees will come to €250 approx.+ V.A.T.Do n't know what extra insurance premium I will have to pay. Credit union quote at 6.5% comes at €170.33 which includes insurance.Total interest comes in at €5438 which is €1777 greater. A difference of €14.81 per month exists between the two. However cost of insurance over 10 years + solicitor's fees would reduce the difference. Which option should I go for?
 
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