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Remortgage/Release Equity

  • 20-01-2024 1:33pm
    #1
    bamayang
    Registered Users Posts: 698 ✭✭✭


    Hi, has anyone ever remortgaged their property (dwelling or investment property).

    I have a property where the loan is down to €20k and I would like to gain access to the value of it for another investment.

    Is this a common thing in Ireland or more a US concept? Haven’t seen it advertised anywhere or heard of people regularly doing it.



Comments

  • #2
    Calculator123
    Registered Users, Registered Users 2 Posts: 166 ✭✭Calculator123


    As far as I know, since the financial crash releasing equity to buy another property is not allowed in Ireland any more, but best to ask the bank.

    You can top up your mortgage for home improvements and a few other limited things like paying medical bills.

    To buy an investment property you would need the deposit in cash/savings and apply for a 'buy to let' mortgage in the normal manner. You might need 30% deposit.



  • #3
    bamayang
    Registered Users Posts: 698 ✭✭✭bamayang


    Cheers For reply. I can imagine that was the source of a good few problems back in the boom time.

    I have the 30% for an investment property, but it will need about €100k of improvements. The bank have said they will not lend above purchase price to cover cost of renovations. So need to figure a way of getting the improvement funds separately.



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