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Releasing Equity on house to purchase another

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  • 06-06-2006 8:51pm
    #1
    voodoo
    Registered Users Posts: 785 ✭✭✭


    Hi all,

    I am dappling with the idea of releasing some of the equity on my house to purchase an investment property - looking at a couple of areas outside of Ireland.

    I am aware that there may be issues with getting a mortgage with an Irish finance house for a foreign investment. Is there anything I can do with this equity with a financial establishment in another country?

    If anyone knows of someone I could talk to about this, I would greatly appreciate it.

    Cheers


Comments

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    #2
    zepp
    Closed Accounts Posts: 125 ✭✭zepp


    The word Releasing equity is one of the greatest cons the banks ever pulled. It is called re-morgageing


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    #3
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    as the other poster said equity release is a non term. what it is in effect is borrowing money at a lower rate than consumer credit as the risk to the bank is virtually zero as the loan is secured to a property legally by taking a charge over it. u are just remortaging.
    i believe it is the only option when buying a property abroad, unless u can get a local lender abroad to advance u the money on the security of the foreign one.
    generally though overseas property marketed here is way above market value so be careful.


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