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Equity Release for Second Home

  • 25-03-2022 10:34am
    #1
    Calculator123
    Registered Users, Registered Users 2 Posts: 166 ✭✭


    Hello,

    I'm considering purchasing a second house. (Not a Buy-to-Let). Equity Release used to be an option to part fund these in the past but much less so now. Equity Release appears to be more the preserve of home improvements lately.

    Does anyone have any recent experience of buying this way? I'm speaking with my own bank later but interested to get perspectives on which banks do and what the requirements/processes are. I have substantial equity and only seeking to release about a quarter of it and combine with other funds to purchase.

    Thanks.



Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,739 Mod ✭✭✭✭Henry Ford III


    What is the purpose of the proposed 2nd house?

    Equity release is certainly possible.



  • #3
    Calculator123
    Registered Users, Registered Users 2 Posts: 166 ✭✭Calculator123


    Hello,

    Personal use, change of scene, breaks from other family members. I guess you could consider it a holiday home of sorts.



  • #4
    Apogee
    Registered Users, Registered Users 2 Posts: 3,800 ✭✭✭Apogee


    Try 'Finance Ireland' through a broker. They were doing equity release mortgages relatively recently.



  • #5
    Learpholl
    Registered Users, Registered Users 2 Posts: 73 ✭✭Learpholl


    https://www.boards.ie/discussion/comment/118833200#Comment_118833200

    I didn't think banks did equity release any more. Is it only certain banks? I couldn't seem to find anything from a quick search online.



  • #6
    maestroamado
    Registered Users, Registered Users 2 Posts: 4,426 ✭✭✭maestroamado


    The bank i am with offer unsecured loans of up to 75k at 5.9%... you likely need more...



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  • #7
    Calculator123
    Registered Users, Registered Users 2 Posts: 166 ✭✭Calculator123


    That's in or around the range I'm hoping alright. Perhaps a smidge more but depends on where prices go over the next while. Below a certain loan threshold there's not much difference between Buy to let rates and personal loans, so definitely an option. Equity release at residential mortgage rates is the most attractive but remains a mystery until I speak to the bank. Anything online and one mortgage provider I've spoken to don't sound promising.



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