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Many people have seen the price of their home increase rapidly over the last number of years. The difference between your house value and the outstanding mortgage is called equity. By releasing equity in your home you can borrow additional money at low rates to repay existing loans charged at high interest rates.
By releasing equity on your home you could also use it to help buy a second property, car, holiday home or do those home improvements you always wanted. The benefit of doing this is that home loan rates that are substantially cheaper than personal loan rates. If you prefer, any part of the mortgage loan used to pay for short-term purchases like home improvement or a car can be paid over a shorter term than your main mortgage E.g. If your existing mortgage was €100,000 and had 20-years to run and you required an additional €20,000 to purchase a car, you could continue to repay €100,000 over 20-years and repay the €20,000 over 4/5 years.
By releasing equity you might also consider moving your mortgage and get a better interest rate with another lender. First Ireland can offer you this and have your legal fees paid for you.
For more information contact mortgages@firstireland.ie or call
01-882 0864.
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