Releasing Equity

FoxFaceJack

Hi There,

First post is a tricky one. I own 2 apartments that I bought back when my financial situation was better. Roll on 10 years. Married, partner had an accident which means she can no longer work and we have small children. We're currently renting since the stairs on the apt was too much for her since last year.

I have a site and would like to build a home house for my family. Is it possible to "remortgage" a percentage of the value of one of my properties to get a lump sum to then use as a mortgage deposit for a new build. Both apartments were paid cash before my wife was out of work and our income was much higher.

Obviously, I'm working full time but she isn't so I can't be sure how likely it is that we'll be approved at all but I'd rather leave selling the apts until the very last option.

Thanks for your input.

pnecilcaser

I recently talked to AIB about equity release for purchasing an investment property and they said no immediately, they would only look at releasing equity if it was for an improvement on my current home (like an extension or attic conversion). I have a three bed semi-d that is currently LTV of < 50%

have you talked to your lender yet?

Fol20

Have a chat with pepper or Ics dilusk. It is possible to release equity.

Banterbus28

Sell both?

pnecilcaser

I googled both of the companies you mentioned, thanks for the suggestion. I will give it a try. Nothing to lose. I would really like to be able to release the equity from my house to buy an investment property. Right now it seems the only thing I can do is try to increase my income, save and wait. Waiting may not be a bad thing with Brexit looming next year.

Trish56

Pepper will definitely look at this.

Cute Hoor

Tread warily with Pepper, getting anything from them is more painful than having your full set of teeth pulled anesthetic free

pnecilcaser

Cute Hoor wrote: »

Tread warily with Pepper, getting anything from them is more painful than having your full set of teeth pulled anesthetic free

Thanks for that, can you elaborate on that please? Have you had an experience with them in the past? Why did you approach them? My own situation is I have a house that I would like to release equity from to help me to purchase an investment property.

Fol20

Cute Hoor wrote: »

Tread warily with Pepper, getting anything from them is more painful than having your full set of teeth pulled anesthetic free

I actually found them to be the complete opposite, it was very easy to deal with them to get the mortgage and even after it, i was requesting documents from them 1 year on and they were very easy going.

Cute Hoor

Very easy going is probably a very apt phrase for them.
Without going into the detail that would identify me to them, I have an outstanding issue for many months, and I cannot get any definitive closure from them, will probably be going further now.

FoxFaceJack

Thanks for your input.