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Equity release

  • 07-09-2020 7:46pm
    #1
    The_Bullman
    Registered Users, Registered Users 2 Posts: 1,997 ✭✭✭


    I am currently building a house. Have applied for mortgage and was approved. Ends up there's a legal issue which has dragged on(and may continue to drag on) for quite a while.

    I own a property that I'm currently renting. Is it possible to use this property as security and mortgage it. From looking at properties that sold in the same development, LTV would be <80%


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    Ask your lender?


  • #3
    The_Bullman
    Registered Users, Registered Users 2 Posts: 1,997 ✭✭✭The_Bullman


    Henry Ford III wrote: »
    Ask your lender?

    I don't have a lender at the moment.

    I asked a broker and she said that I could use the rental as income for the house I'm building. However legal issues to be sorted first. That's why I was wondering if there was another way.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Ask the lender you have current approval with, they might be willing to issue some funds on the existing property maybe cross secured with the new to bridge the gap of solving the legal problem, just make sure you can remove the second property from the security when the issue is sorted out and new house completed.


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