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Mortgage existing house

  • 23-05-2018 8:08pm
    #1
    kav2011
    Registered Users, Registered Users 2 Posts: 33 ✭


    We recently built our house and didn't take out a mortgage on it. It's just finished now and I'm wondering can we get a mortgage out against this property and get the benefits of first time buyers mortgages rates. The reality is that the money would be used for an investment property but lending terms on investment properties are alot less favourable (higher rates and higher deposits).


Comments

  • #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    kav2011 wrote: »
    We recently built our house and didn't take out a mortgage on it. It's just finished now and I'm wondering can we get a mortgage out against this property and get the benefits of first time buyers mortgages rates. The reality is that the money would be used for an investment property but lending terms on investment properties are alot less favourable (higher rates and higher deposits).

    No chance. Equity releases are only granted for certain purposes such as home improvements and you'd need to provide evidence of what its to be spent on.

    No bank is going to let you borrow on one property to fund another as a way of avoiding buy to let rates


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