Remortgage to release 100k equity? Any options?

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cruiseshipjonny

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My current situation is we have a house valued at about 400k, we have a remaining tiny (a few hundred euro) mortgage with AIB that we have kept due to the free banking it gives us. Our mortgage payments are a few euro each month so it is effectively paid off but technically still there.

We currently earn about 75k and 70k each, late 40s, no childcare costs or loans.

We are thinking about looking to remortgage to release 100k of equity to add to existing savings and buy a small house for cash in the area my significant other is from (this is in the UK so we do not want to deal with the potential hassle/ unlikelihood of getting a mortgage in the UK when we are resident in Ireland). We may ultimately retire in the UK so this makes sense in the longer term.

Does anyone know the options if we wanted AIB to simply release 100k and increase our mortgage again? Do we have to give a reason for the equity release? According to their online mortgage calculator, when I put in our details they are willing to currently lend us 500k if we were to walk in as new customers. Has anyone done anything similar to what we are planning?
 
I last looked for equity release about 2017 from an Irish lender and it was specifically only allowed for renovations.

Other option is if you pay off Irish mortgage you might be able to get a PDH mortgage from a UK lender. You would need a deposit though and there would be limits on it as your earnings are not in GBP.
 
You're basically looking for a top up on existing mortgage if that is not over the banks top up amount or more likely a brand new remortgage expecially if the term needs to be extended. You're just borrowing more, same as any new lending.

You will indeed have to tell them what it is for and the bank may have a policy where they only do additional borrowing against a family home for renovations to that home. You can also just try remortgage with a different lender, it's unlikely to be any easier to do just because you stick with the one you have unless they have a top up product which suits the amount and term, that way at least would be legal fees free more than likely.
 
Have not do it my self but was looking at this recently. From site they allow top up for tax bills or help a family member buy a house. Also I remember reading about paying medical bills and education bills as resons. But can't find that now. Maybe ring and ask.

aib.ie

Mortgage Top Up To Refinance Your Home, Remortgage, Top up Mortgage Calculator | AIB

If the balance of your current mortgage is less than the current value of your home you may be able to release the equity in your mortgage. We offer refinancing for your home.
aib.ie aib.ie
 
cruiseshipjonny said:
buy a small house for cash in the area my significant other is from (this is in the UK so we do not want to deal with the potential hassle/ unlikelihood of getting a mortgage in the UK when we are resident in Ireland). We may ultimately retire in the UK so this makes sense in the longer term.
Click to expand...

Why do you want to buy a house in that area?

Is it for sentimental reasons? Not really a good idea.

When you retire to the area, sell your home in Ireland and buy there.
 
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