Get a Top Up on your Mortgage OR Release some Cash from the Equity built up on your Home
![Top Up / Equity Release Mortgage Top Up / Equity Release Mortgage](https://mmadvisors.ie/wp-content/uploads/2023/06/emp-cond-arrangement-economy-elements-660x400@2x.jpg)
![Top Up / Equity Release Mortgage Top Up / Equity Release Mortgage](https://mmadvisors.ie/wp-content/uploads/2023/06/emp-cond-arrangement-economy-elements-660x400@2x.jpg)
ALLOWABLE REASONS FOR TOP UPS/EQUITY RELEASE MORTGAGES
ALLOWABLE REASONS FOR TOP UPS/EQUITY RELEASE MORTGAGES
- 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)
![standard-quality-control-collage-min](https://mmadvisors.ie/wp-content/uploads/2023/06/standard-quality-control-collage-min.jpg)
Criteria To Qualify
Criteria To Qualify
- 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
less) - Must have a clean credit history for the past 5 years
- The oldest spouse must be aged 55 or less
![standard-quality-control-collage-min](https://mmadvisors.ie/wp-content/uploads/2023/06/standard-quality-control-collage-min.jpg)
![young-businessman-working-from-his-office-counting-cash-money-min](https://mmadvisors.ie/wp-content/uploads/2023/06/young-businessman-working-from-his-office-counting-cash-money-min-e1686545896638.jpg)
![young-businessman-working-from-his-office-counting-cash-money-min](https://mmadvisors.ie/wp-content/uploads/2023/06/young-businessman-working-from-his-office-counting-cash-money-min-e1686545896638.jpg)
HOW MUCH CASH/EQUITY CAN BE RELEASED?
HOW MUCH CASH/EQUITY CAN BE RELEASED?
- 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.
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DOCUMENTATION REQUIRED TO APPLY
DOCUMENTATION REQUIRED TO APPLY
- Completed and signed Salary certs
- 6 months bank statements
- 6 months loan statements
- 3 months payslips
- Quotations/costings/planning permission documents (if over €75000).
![paper-clip-mail-file-attachment-graphic-min](https://mmadvisors.ie/wp-content/uploads/2023/06/paper-clip-mail-file-attachment-graphic-min-e1686545954932.jpg)
EXAMPLE:
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.