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Types of finance??

  • 28-06-2019 6:25pm
    #1
    Themag
    Registered Users, Registered Users 2 Posts: 50 ✭✭


    So I own a property worth 230,000
    I have €70000 in cash.
    I want to purchase a property worth about 350,000. Bank wouldn’t want 20% deposit
    I am just wondering do the banks allow my property to be used as collateral against the mortgage I want to get on the new property or do I have to use the cash?
    Are the ways around not using the cash...
    just need the cash as a buffer and improvements


Comments

  • #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Serious flaws there.
    What makes you think the bank won't want 20% deposit on an investment property?
    Current lending rules do not allow equity release from a private home to be used against the purchase of an investment property.


  • #3
    Themag
    Registered Users, Registered Users 2 Posts: 50 ✭✭Themag


    pedroeibar1 wrote: »
    Serious flaws there.
    What makes you think the bank won't want 20% deposit on an investment property?
    Current lending rules do not allow equity release from a private home to be used against the purchase of an investment property.

    Sorry maybe I wasn’t clear. I presume the bank want 20%. However I guess that answers my question though. That you can’t use a house as equity.. now the house is not my home house. It is an investment property. Would that make a difference


  • #4
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,816 ✭✭✭✭drunkmonkey


    They'll want 30%, it's a BTL? Are you set up as a company? Is the €70k company money, just wondering should you put the properties in your pension etc.
    There's a lot in this you should probably talk to a financial adviser.


  • #5
    Themag
    Registered Users, Registered Users 2 Posts: 50 ✭✭Themag


    drunkmonkey wrote: »
    They'll want 30%, it's a BTL? Are you set up as a company? Is the €70k company money, just wondering should you put the properties in your pension etc.
    There's a lot in this you should probably talk to a financial adviser.

    Ya I think your right be best just go to a financial advisor. That’s for the help


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