Get a Top Up on your Mortgage OR Release some Cash from the Equity built up on your Home
- Home improvements/renovations
- Grant Aided Renewable Energy and other energy efficient home improvements
- Inheritance tax related liabilities
- Childrens education costs
- Medical Expenses
- Assist your dependent on their house deposit.
- Separation agreement costs
- Consolidate short term loans to reduce your monthly outgoings
- Use as a deposit to purchase another property (residential property or holiday home)
- One spouse must be work full time in the public sector
- Must have equity in your house – the market value of the property must
exceed the mortgage outstanding on the property (80% loan to value of
- Must have a clean credit history for the past 5 years
- The oldest spouse must be aged 55 or less
- Up to €75000 can be released without much documentation.
- Funds over €75000 will require self certified quotations/estimates as well as
planning permission for any structural work on your property.
- Completed and signed Salary certs
- 6 months bank statements
- 6 months loan statements
- 3 months payslips
- Quotations/costings/planning permission documents (if over €75000).
John is teacher. He is married to Mary who is also a teacher. Their combined Gross incomes are €100,000. They own their own home. The details of their home is as follows:
Market Value – €350,000
Mortgage remaining – €200,000
Equity in house €150,000
Loan to value = 57%
They could remortgage their mortgage for €225,000. With this new mortgage they would 1. Repay the old mortgage of €150,000
2. Use the remaining €75,000 fund for one of the following;
a. Renovate their home/Retrofit their house
b. Put a deposit down for another property
c. Pay for their kids college education
d. Clear off other personal loans to reduce their monthly loan repayments.