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Home equity line of credit

  • 07-10-2018 8:17am
    #1
    binsinbox
    Registered Users, Registered Users 2 Posts: 1 ✭


    I'm wondering if any lenders in Ireland offer a HELOC in Ireland? We have 190k in equity in our home and would like to draw down a line of credit against it (Not a Loan) where we can take say 25k in credit and transfer this balance to other accounts etc.
    Any ideas are greatly welcome
    Many thanks


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Nope, not anymore, TSB did something similar years ago and First Active current account mortgage was sort of similar too but, National Irish also had an offering in this kind of vein too but as far as I am aware there is none out there now in the format that you want. You could possibly raise a mortgage against the home but that is a loan which is what you seem to want to avoid.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    An Irish bank (I Think it was Permanent TSB) tried this before the crash. If you had equity in your home, they would give you a chequebook to borrow 'draw down' money from this equity. The minimum amount you could write a cheque for was €10,000.

    PTSB issued the press release and made a spokeswoman available to RTE so on the next edition of Morning Ireland (breakfast radio show on RTE Radio1), Aine Lawlor did the intro, described the process (as I outlined above) and then said that she had so and so on the line to talk about it.

    The PTSB PR person was all set to give the radio audience details of this great new scheme when Aine cut across her before she could utter a single word and said something along the following lines: 'this has to be the most irresponsible financial product ever launched on the Irish market'. I was delighted that someone had the balls to call this out for what it was, an open door for reckless borrowing.

    The crash followed soon after and that was the last we hard of this type of product in the Irish market.


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