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Property

  • 11-09-2024 6:35pm
    #1
    manxcat
    Registered Users, Registered Users 2 Posts: 6 ✭


    Hi guys,

    I'm looking for a little advice.

    I recently purchased a property which I plan to do up and rent.

    I have a family home and another investment property (valued around 475k with 40k remaining, rental yield 2k per month)

    To fund the refurb, my question is - is there any possible way to raise finance against the rental property that I already have? Who can i talk to? I am going round in circles. Any advice appreciated.



Comments

  • #2
    notsocutehoor
    Registered Users, Registered Users 2 Posts: 510 ✭✭✭notsocutehoor


    Not sure why you're going round in circles, presumably your local bank will give you a loan using the rental property as collateral. Failing that try Property Bridges, they should look after you



  • #3
    alias no.9
    Registered Users, Registered Users 2 Posts: 6,352 ✭✭✭alias no.9


    If you take out a new loan against the existing investment property, the interest will not qualify as tax deductible against rental income.



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