The Renovation Boom - Why Mortgage Equity Release is Hitting Record Highs
- 2 days ago
- 3 min read
Irish homeowners are officially choosing to stay put rather than brave the property market. Recent data shows that the value of equity releases and mortgage top-ups has surged to a 16 year high, with homeowners drawing down an average of €141,600 to fund major extensions and home upgrades.*
If you feel cramped but dread the thought of competitive bidding wars, estate agent fees, and stamp duty, you are not alone. Turning your current house into your forever home is now a very practical option for thousands across Ireland.
Why Irish Homeowners are Staying Put
The decision to stay and renovate instead of trading up comes down to two major pressures in the current market:
· Severe Stock Shortages: Finding a suitable second-hand family home in your preferred school catchment or neighbourhood is incredibly difficult right now.
· The Cost of Moving: Between estate agent commissions, legal fees, stamp duty, and the physical cost of moving, you can easily spend tens of thousands of euros before even buying furniture.
By opting for a mortgage top up, you can bypass these hurdles. You use the value already locked in your home to build upwards, outwards, or complete an energy retrofit.
How a Mortgage Top-Up Works
A mortgage top-up is a form of equity release that allows you to borrow additional funds secured against the current value of your home.
· Lower Interest Rates: Top-ups carry significantly lower interest rates than standard personal loans or credit cards.
· Extended Terms: You can spread the cost over the remaining lifetime of your mortgage to keep monthly repayments stable.
· Value Addition: Spending cash on a modern kitchen, an attic conversion, or a home extension improves your lifestyle today while driving up your property’s future resale value.
Avoid the "Lazy Top-Up" Trap
Many homeowners make the mistake of going straight to their existing lender for a top-up. While it might seem convenient, sticking with your current bank without comparing the market could cost you thousands over the life of your loan.
Your current bank does not automatically offer the best value for equity release. By switching your entire mortgage to a new lender while adding the top-up amount, you can often unlock much lower interest rates. This approach keeps your overall monthly outgoings lower than if you simply tacked a new loan onto your existing plan.
Ready to Fund Your Dream Renovation?
Your home is likely sitting on the exact capital you need to upgrade your living space. Don't let your built up equity sit idle when it could be funding your next project.
At Citywide Financial, we compare the entire Irish mortgage market to find the best equity release and top-up rates tailored to your budget. We handle the stressful paperwork so you can focus on choosing layouts, builders, and finishes.
Let's build your next steps together
To help you find the absolute best rate for your home upgrade, let us know:
· What is your estimated current property value?
· Approximately how much do you still owe on your mortgage?
What is the estimated cost of your planned renovations?
We can map out a custom plan to unlock your equity safely and affordably. Contact a Citywide Financial Advisor today to schedule a free consultation.
01 513 8710
Source: * Charlie Weston ( Irish Independent 16th August 2026)
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