Releasing money from family home

edenbridge146

Currently in a 5 bed detached house worth 550,000
Tracker mortgage on property with BOI of 68,000 - 8 years left - repayments are 612 a month
2 adult children living in the home too attending college
House has a granny flat on side of property which is rented to a family member and generates an income of 8,000 and covers current mortgage comfortably all above board and is a HAP tenant

I'm looking to purchase another property as i'm only working fulltime last 5 years due to rearing my kids etc. and my pension is non existent.
The thing is my husband is 67 and i'm 46.
I went to BOI to query about equity release and their conditions was a minimum of 5 years to a maximum age of 70
So thats ruled us out due to the hubbys age

We have over 400 k equity in the family home
Looking to release 50k as a deposit on a BTL for a house worth in region of 200,000 and i can't get it!!
I am a public service worker on 50k so in permanent full time employment too

Is there anyway around this

Would it mean surrendering my Tracker and changing the mortgage on the 'family home'
Or should I apply for a Top Up on the current mortgage - would that have to be in both our names ?
Or transferring the property to my name only obviously with a supporting legal clause that i'm not going to kick hubby out etc

Bank of Ireland: Megan

edenbridge146 wrote: »

Currently in a 5 bed detached house worth 550,000
Tracker mortgage on property with BOI of 68,000 - 8 years left - repayments are 612 a month
2 adult children living in the home too attending college
House has a granny flat on side of property which is rented to a family member and generates an income of 8,000 and covers current mortgage comfortably all above board and is a HAP tenant

I'm looking to purchase another property as i'm only working fulltime last 5 years due to rearing my kids etc. and my pension is non existent.
The thing is my husband is 67 and i'm 46.
I went to BOI to query about equity release and their conditions was a minimum of 5 years to a maximum age of 70
So thats ruled us out due to the hubbys age

We have over 400 k equity in the family home
Looking to release 50k as a deposit on a BTL for a house worth in region of 200,000 and i can't get it!!
I am a public service worker on 50k so in permanent full time employment too

Is there anyway around this

Would it mean surrendering my Tracker and changing the mortgage on the 'family home'
Or should I apply for a Top Up on the current mortgage - would that have to be in both our names ?
Or transferring the property to my name only obviously with a supporting legal clause that i'm not going to kick hubby out etc

Hi edenbridge146,

Thanks for reaching out to us in relation to equity release.

Although we are unable to offer direct advice here, if a call would help we can certainly arrange for a Mortgage Specialists to contact you in relation to this if you would like to send us a PM? 

I look forward to hearing from you soon.

Many thanks,
Megan

Bank of Ireland: Megan

edenbridge146 wrote: »

Bank of Ireland: Megan wrote: »

edenbridge146 wrote: »

Currently in a 5 bed detached house worth 550,000
Tracker mortgage on property with BOI of 68,000 - 8 years left - repayments are 612 a month
2 adult children living in the home too attending college
House has a granny flat on side of property which is rented to a family member and generates an income of 8,000 and covers current mortgage comfortably all above board and is a HAP tenant

I'm looking to purchase another property as i'm only working fulltime last 5 years due to rearing my kids etc. and my pension is non existent.
The thing is my husband is 67 and i'm 46.
I went to BOI to query about equity release and their conditions was a minimum of 5 years to a maximum age of 70
So thats ruled us out due to the hubbys age

We have over 400 k equity in the family home
Looking to release 50k as a deposit on a BTL for a house worth in region of 200,000 and i can't get it!!
I am a public service worker on 50k so in permanent full time employment too

Is there anyway around this

Would it mean surrendering my Tracker and changing the mortgage on the 'family home'
Or should I apply for a Top Up on the current mortgage - would that have to be in both our names ?
Or transferring the property to my name only obviously with a supporting legal clause that i'm not going to kick hubby out etc

Hi edenbridge146,

Thanks for reaching out to us in relation to equity release.

Although we are unable to offer direct advice here, if a call would help we can certainly arrange for a Mortgage Specialists to contact you in relation to this if you would like to send us a PM? 

I look forward to hearing from you soon.

Many thanks,
Megan

Hi Megan

Thanks so much for your prompt reply

My number is <snipped>
Many thanks

Siobhain

Hi Siobhain, 

Thanks so much for getting back to me here. 

Could you kindly send us a private message with your full name and contact number and I will be happy to link in with our Mortgage Team for you. 

Speak to you soon!

Many thanks, 
Megan

lomb

I don't think it's possible to equity release the family home for btl. I took out a large 90% mortgage retaining my savings for btl later as there is no way back in Ireland apparently
This happened due to he last crash central bank guidelines.
Also loss of the tracker would happen likely and on top of that btl interest rates are nearly 5%.
I also think btl will fall 20% in this recession over the next 2 years and I believe banks are restricting this lending as they think so too.
Your idea is good though, get the tenants to repay your mortgage and have a pension property.