Equity Release Mortgages
Looking to release equity in your property? Talk to us today about how it works.
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Access Capital at a Low Rate of Interest through Your Mortgage
Equity is the difference between the current market value of your property and the amount remaining on your mortgage. As a homeowner, you may be able to raise capital and access a lump sum by changing your mortgage (i.e. remortgaging), and releasing some of the equity held in your property. You can release or borrow up to a maximum of 90% of the value of your property depending on circumstances.
Before considering or entering into an equity release mortgage, we recommend that you speak to an advisor who can bring you through all of your options.
Rules For Borrowing
How much can I borrow?
The amount you can borrow is based on a number of criteria:
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Under an Equity Release mortgage, you can release equity / borrow up to 90% of the value of your property.
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You must have a proven ability to meet the new monthly repayments on your equity release mortgage.
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Affordability will be supported by your existing mortgage payments and regular savings over the past six months.
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The amount you can borrow is based 3.5 times your salary with deductions taken if you have other financial obligations like child support, dependent children, loans, credit card or if you have a partner who is not working.
Example
- Norah owns a property worth €400,000.
- Her remaining mortgage is €150,000.
- Norah can release equity of up to 90% of the value of her property i.e., she can potentially borrow up to €360,000.
- This means that, if Norah can afford a new mortgage of 360,000, she could release up to €210,000 with a new loan secured against her home.
Talk to us and we can help you determine if you are in a position to apply for an Equity Release Mortgage and how much capital you could potentially release.
Before you apply for a mortgage you should insure that your bank statements are in order. Sometimes you need to put a 6-month plan into place before you apply for the mortgage. This plan should include:
Good money management across all active current and savings accounts.
No missed direct debits or standing orders.
Controlled use of your credit card and ensure a monthly direct debit for minimum payment is set up.
Mortgage Do’s and Don’ts
Do:
Save regularly
Clear your credit card
Ensure that if you are paying rent that the rent is paid by direct debit from your bank account to the landlord
If you are living at home and paying parents rent you should also pay this into your parent’s bank account
If you are saving, make sure that the savings are put in on a regular basis. (i.e. weekly or monthly)
Do Not:
Miss any existing loan payments
Miss direct debit payments
Withdraw money from your savings account(s)
Withdraw cash using your credit card
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Who We Work With
At EDUC Mortgages, we have access to all of the major lenders in Ireland so we can get you the best rate available on the market.
Start The Equity Release Process Today
We understand the unique financial challenges and opportunities you face, and it is our purpose to be your trusted partner every step of the way.
So let’s get started!