Re mortgage to release equity

gunner099

Has anybody any suggested banks to approach to get a re mortgage to release equity.?
I have been in touch with some and they only do them for home improvement, health issues or for education purposes. I would be looking to use equity on current property to buy an investment property. Thanks

coylemj

gunner099 wrote: »

I would be looking to use equity on current property to buy an investment property. Thanks

Your house is now worth more than it was a year ago so you are now proposing to 'release the equity' to buy an investment property - clearly we've learned nothing from the financial crash. What you're proposing to do is precisely the start of another property bubble.

Trish56

You'll have to apply for a mortgage on the Investment property and can borrow up to 70% of the purchase price. You wont get an equity release mortgage to buy an Investment property. Those mad days are long gone.

screamer

Yes equity releases are only for those 3 purposes in many banks. TBH an equity release to buy an investment property is a big gamble and I can't see banks going for it.

Jim2007

gunner099 wrote: »

I would be looking to use equity on current property to buy an investment property. Thanks

So lets see:
- Don't borrow to invest => lets forget that one
- Diversify to reduce risk => lets forget that one
- Avoid high risk assets with low returns => lets kill that one too

No wonder Irish investors lost more than any other EU state in the last recession. And they are gearing up to do the double!

noel100

I tried to get equity release only 70k for Irish holiday home. A 5th of the value of my house and in the final year of the life of the mortgage.

Savings of 15k no other loans PTSB was mortgage holder of current home.

PTSB approve in principle but what n I tried to approve the mortgage access funds they made so many excuses and refused as this was an investment property.

Tried all brokers BOI KBC Ulsterbank all refused

Now living mortgage free as far as I'm concerned banking system is still broken.

gunner099

Thanks for replies, I was only looking for suggestions of a bank that might do this as its not a straight forward issue I find myself in. Dont worry I wont be responsible for the next economic crash,!