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Interest only mortgage

  • 02-10-2006 11:01am
    #1
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭


    If I were to get an interest only mortgage for an investment property, and the value goes up by 10% in the first year, can I remortgage for the value of the increase?


Comments

  • Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    johnp wrote:
    If I were to get an interest only mortgage for an investment property, and the value goes up by 10% in the first year, can I remortgage for the value of the increase?

    I would be extremely surprised if any mortgage lender would even look at a request like that. In general (NIB/AIB/BOI etc) they will only remortgage an existing mortgage where the LTV is below 75%..... In an environment of increasing interest rates- it would not be prudent of a lender to expose themselves in the manner you are suggesting.

    That said I'd be very interested in being proven wrong.


  • Registered Users, Registered Users 2 Posts: 736 ✭✭✭johnp


    smccarrick wrote:
    I would be extremely surprised if any mortgage lender would even look at a request like that. In general (NIB/AIB/BOI etc) they will only remortgage an existing mortgage where the LTV is below 75%..... In an environment of increasing interest rates- it would not be prudent of a lender to expose themselves in the manner you are suggesting.

    That said I'd be very interested in being proven wrong.


    Ok, I take that on board. I'm no expert in the area, just trying to work out my options.

    Thanks for the help.


  • Closed Accounts Posts: 199 ✭✭Beta2


    I really think you should read this http://askaboutmoney.com/showthread.php?t=31710
    and this http://http://boards.ie/vbulletin/showthread.php?t=2054967253
    First.

    Try and keep an open mind.

    Best of Luck

    B2


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