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Equity Release / Mortgage Top-up

loco_scolo · 2024-09-28 14:33:47

I bought my Dublin house (a fixer-upper) in 2018 and recently finished a full renovation. I got the mortgage as a sole applicant and most of the renovation was paid for with cash (redundancy payment, savings), but I also have 50k personal loans for the works. At this point, my loan to value (LTV) is around 45%. I'm married…

28-09-2024 03:33PM

#1

loco_scolo

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I bought my Dublin house (a fixer-upper) in 2018 and recently finished a full renovation. I got the mortgage as a sole applicant and most of the renovation was paid for with cash (redundancy payment, savings), but I also have 50k personal loans for the works. At this point, my loan to value (LTV) is around 45%.
I'm married now, and both of us are working. We would like to release some equity from the house. Is it possible to re-mortgage the house and release equity, assuming we do it as joint mortgage holders?
Full disclosure, we are currently in the process of selling our house and downsizing, as we thought this was the best course of action. Hilariously, the bank will give us more money for a significantly cheaper house, than we currently have on our lovely renovated house. However, we're second guessing this decision and wonder if there's a way to release equity on our current house (assuming we do it as joint applicants).

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