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Equity Release/Re-mortgate

  • 16-06-2014 5:17pm
    #1
    Addle
    Registered Users, Registered Users 2 Posts: 4,812 ✭✭✭


    Has anyone successfully released equity in their home recently?

    If so, with whom was your application successful?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    The only true way to 'release' the equity in your home is to sell it and either rent or move to a smaller house. Then you can do what you like with the cash left over.

    Anything else is simply borrowing money.


  • #3
    Addle
    Registered Users, Registered Users 2 Posts: 4,812 ✭✭✭Addle


    Ok.
    Has anyone borrowed money based in the positive equity in their home?


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    If you have a mortgage on the house then the same bank may lend you money based on the 'positive equity' as you call it. The agreement you have with that bank will typically say that the house is security for the mortgage and any other loans you may have with them. This means that if you take out a term loan with the same bank, they already have their security so you should get a favourable rate and are more likely to get the loan in the first place.

    Borrowing from anyone else may involve taking out a second mortgage which could involve legal costs. So ask your current bank first, you'll probably get a better deal from them than you will elsewhere.


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