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Equity Release

  • 25-02-2017 12:42am
    #1
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭


    Hi

    When an existing customer releases equity in their home, does a new single mortgage replace the existing mortgage or is a new separate mortgage created which i have to repay alongside the existing mortgage?



    Thanks


Comments

  • #2
    Bank of Ireland: Elaine
    Closed Accounts Posts: 1,367 ✭✭✭Bank of Ireland: Elaine


    Good Morning restive,

    Thanks for getting in touch with us on Boards.ie.

    I'm going to investigate your query with out team on Monday and I'll get back to you here with more information on this.

    Thanks again,
    Elaine


  • #3
    Bank of Ireland: Elaine
    Closed Accounts Posts: 1,367 ✭✭✭Bank of Ireland: Elaine


    restive wrote: »
    Hi

    When an existing customer releases equity in their home, does a new single mortgage replace the existing mortgage or is a new separate mortgage created which i have to repay alongside the existing mortgage?



    Thanks
    Good Afternoon restive,

    We've contacted our Mortgage team who have confirmed that this would be seen as second or top up loan and while it would have a separate loan reference number it would be on the same secured property. Two separate payments would be required however, it maybe possible to funnel a single Direct Debit with the full amount into the 2 separate Mortgage accounts.

    If you'd like to enquire about your eligibility for this, you can contact our Mortgage team directly on 01 6113333. And for more information please see here http://bit.ly/2lMbAAM

    Thanks,
    Elaine


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