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Positive equity in your home is the difference between the market value of your home and the amount you owe on your mortgage. This difference gives you the opportunity to top-up your mortgage (to a maximum of 92% LTV*).
If your mortgage amount is €200,000 and your home is worth €500,000 – you have €300,000 positive equity in your home. By topping up your mortgage to a maximum 92% LTV you can release up to €276,000 (€300,000 x 92%) in cash.
Consumers will choose to release a portion of this positive equity for a variety of different uses depending on their unique circumstances:
- Home improvements
- Purchase of a foreign property
- Purchase of an investment property
- Educational fees
* Loan-to-Value Ratio (LTV): The ratio of the amount of money you borrow compared to the value of the property. For example, if you put 5% down you will have a loan of 95% of the value of the property or an LTV of 95% (loan amount / property value=LTV).
To discuss the equity release options available to you call 1850 38 39 40 or email info@ifgfinancial.ie today.
Warning: You may have to pay charges if you pay off a fixed rate loan early.
The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home.
This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
The entire amount that you have borrowed will still be outstanding at the end of the interest only period. |
