Mortgage from abroad

Dubaichick

Registered User
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1
Hello all,

I am currently living and working in Dubai and in Ireland 10 weeks of the year. I have quite a lot of savings and had been considering buying an appartment to rent out outright but I am worried prices are rising slowly but surely.

My situation is this
I have 24,000euros and 23sterling saved (roughly the equivalent of 29,000 euros) I have always been a bit scared of moving my sterling to euro with the amount of fluctuation between the two currencies.

So in a nutshell I could have 50,000euro to buy a 100,000 apartment, so in affect I could have up to 50% of a deposit and therefore would need 50,000 euros mortgage which could easily be paid off in 5 years or even less if I am super frugal in Dubai.

My current salary is 2600 euros month out of which I pay absolutely no rent or bills as its all included in my work. I have been employed for 2 years already and the work is very stable. The only debt I have is 160 euros a month for a car which is a luxury as I have a work bus provided for me.

I would easily be able to pay off the mortgage but hopefully I will get an agency to rent it for me so I can still continue saving in Dubai (I have been able to save 16k per year which is not bad at all)

My questions

1. Would an Irish bank give me 50k based on my current situation? It is just under twice my annual salary and I would be able to give them up to 50% of the down payment and can easily pay the mortgage (though it would be great if I got rent to pay it off).

2. If they agreed would they want me to use my parents house and saving as collateral for even such a small mortgage?

3. Would it be an idea to liase with letting agencies and see where the best rental potential is in the city? From what I have heard from friends rents are sky rocketing and people my age are afraid to buy with the current instability.

4. What are the hidden extras? I am 29 and a first time buyer? Taxes, insurance, agency fees?

5. What is the difference of a Buy to let mortgage? I am hearing that terminology alot and is it majorly different?

5. Has anyone else got a mortgage from abroad who could advise me?

Thanks for any replies in advance!
 
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