Releasing Equity on house to purchase another

voodoo

Hi all,

I am dappling with the idea of releasing some of the equity on my house to purchase an investment property - looking at a couple of areas outside of Ireland.

I am aware that there may be issues with getting a mortgage with an Irish finance house for a foreign investment. Is there anything I can do with this equity with a financial establishment in another country?

If anyone knows of someone I could talk to about this, I would greatly appreciate it.

Cheers

zepp

The word Releasing equity is one of the greatest cons the banks ever pulled. It is called re-morgageing

lomb

as the other poster said equity release is a non term. what it is in effect is borrowing money at a lower rate than consumer credit as the risk to the bank is virtually zero as the loan is secured to a property legally by taking a charge over it. u are just remortaging.
i believe it is the only option when buying a property abroad, unless u can get a local lender abroad to advance u the money on the security of the foreign one.
generally though overseas property marketed here is way above market value so be careful.