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Equity Release

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  • 29-10-2018 10:46pm
    #1
    GalwayBmw
    Registered Users Posts: 91 ✭✭


    Do banks actually do equity release nowadays? Has anyone gone through the process recently could anyone share their experience? I had a brief chat with UB they told me I can release the equity up to 80% LTV, is this a common level across different banks, also what's typically used for measuring the current market value?
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    #2
    blindside88
    Registered Users Posts: 1,968 ✭✭✭blindside88


    GalwayBmw wrote: »
    Do banks actually do equity release nowadays? Has anyone gone through the process recently could anyone share their experience?

    Yes they do, I know a number of people that have done it. Every bank has differenent criteria but it can be done easily enough


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    #3
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,370 Mod ✭✭✭✭Sheep Shagger


    blindside88 wrote: »
    Yes they do, I know a number of people that have done it. Every bank has differenent criteria but it can be done easily enough

    Not sure they all do.

    BOI certainly don't based on research earlier this year,

    Pepper do.


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    #4
    GalwayBmw
    Registered Users Posts: 91 ✭✭GalwayBmw


    BOI confirmed they can do ER for the purposes other than BTL only, i.e. education, home improvement etc., which is a good deal considering the rate and terms of the loan.


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    #5
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,370 Mod ✭✭✭✭Sheep Shagger


    GalwayBmw wrote: »
    BOI confirmed they can do ER for the purposes other than BTL only, i.e. education, home improvement etc., which is a good deal considering the rate and terms of the loan.

    Yeah we wanted it to buy a house and rent out the apartment we are in now.


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    #6
    GalwayBmw
    Registered Users Posts: 91 ✭✭GalwayBmw


    Same here, did you find a bank which woulp provide with such loan?


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    #7
    L1011
    Registered Users Posts: 68,756 ✭✭✭✭L1011


    I can't see releasing to 80% for BTL being allowable as BTL mortgages aren't even offered to that %.


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    #8
    GalwayBmw
    Registered Users Posts: 91 ✭✭GalwayBmw


    I think many people who bought in 2014-2015 have 100K+ equity, which can be released. This would greatly help to pay the BTL deposit, wouldn't it?


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    #9
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,370 Mod ✭✭✭✭Sheep Shagger


    GalwayBmw wrote: »
    Same here, did you find a bank which woulp provide with such loan?

    Nope as don't want to refinance with Pepper who are the only ones in the market who do in this situation.

    Retail lending in this country really is tick the box stuff with no common sense used to assess applications on
    a case by case basis- its just a blanket No.


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    #10
    Earleybird
    Registered Users Posts: 271 ✭✭Earleybird


    Has anyone had any experience with switching and obtaining an equity release at the same time?


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    #11
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Sheep Shagger wrote: »
    Nope as don't want to refinance with Pepper who are the only ones in the market who do in this situation.

    Retail lending in this country really is tick the box stuff with no common sense used to assess applications on
    a case by case basis- its just a blanket No.

    Dilusk ics May also do it but they would be much the same as pepper. Why do you not want to go with pepper. You have a option however your complaining that other banks don’t offer it.


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