Equity Release for Second Home

25-03-2022 09:34AM #1

Hello,

I'm considering purchasing a second house. (Not a Buy-to-Let). Equity Release used to be an option to part fund these in the past but much less so now. Equity Release appears to be more the preserve of home improvements lately.

Does anyone have any recent experience of buying this way? I'm speaking with my own bank later but interested to get perspectives on which banks do and what the requirements/processes are. I have substantial equity and only seeking to release about a quarter of it and combine with other funds to purchase.

Thanks.

Henry Ford III · 25-03-2022 10:30AM

What is the purpose of the proposed 2nd house?

Equity release is certainly possible.

25-03-2022 10:48AM

Hello,

Personal use, change of scene, breaks from other family members. I guess you could consider it a holiday home of sorts.

Apogee · 25-03-2022 05:24PM

Try 'Finance Ireland' through a broker. They were doing equity release mortgages relatively recently.

Learpholl · 27-03-2022 08:27PM

https://www.boards.ie/discussion/comment/118833200#Comment_118833200

I didn't think banks did equity release any more. Is it only certain banks? I couldn't seem to find anything from a quick search online.

maestroamado · 27-03-2022 08:33PM

The bank i am with offer unsecured loans of up to 75k at 5.9%... you likely need more...

28-03-2022 08:53PM

That's in or around the range I'm hoping alright. Perhaps a smidge more but depends on where prices go over the next while. Below a certain loan threshold there's not much difference between Buy to let rates and personal loans, so definitely an option. Equity release at residential mortgage rates is the most attractive but remains a mystery until I speak to the bank. Anything online and one mortgage provider I've spoken to don't sound promising.

Equity Release for Second Home

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