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Re-Mortgage?

  • 30-11-2005 5:01pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭


    Hi
    I co-own a house with my sister and she needs cash =)
    To the tune of 50,000.
    If we remortage the house do that mean she can get a cheque for 50,000?
    Is this advisable?
    Thanks
    M


Comments

  • #2
    davidoco
    Registered Users, Registered Users 2 Posts: 656 ✭✭✭davidoco


    Cheapest money is mortgage money at 3 or 4 % compared to bank loans anything from 7% up.

    As long as your existing mortgage together with the 50,000 doesn't exceed the value of the house you should be okay. You will need to tell them that you want the money for different things like, clear credit card debt, pay off car, new extension/wiring/plumbing, get married etc etc. A combination is better becuase they won't be looking for information on your extension, credit card etc. Don't just tell them you want 50,000 cash no questions asked.

    If you have a good relationship with your existing mortgage co getting extra money is painless and you would just have another loan account to pay off. Going with a new bank will obviously take longer but you might get a better deal.


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