UK based currently- Can I get a UK mortgage to clear an Irish one

nbc

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Hi,
I'm resident in the UK since 2010 and bank with HSBC. I have an investment property in Dublin with EBS paying about 4.75%. Balance 130,00(LTV50%). I look enviously at HSBC rates here of 1.99% on properties with similar LTV's but I called them and they have zero interest in providing a mortgage for ROI(they will for other countries incl France and even Greece I believe).
Anybody on here know of a case where a UK bank lent money based on an Irish property. I am renting in the UK.
Many thanks
NBC
 
The UK banks, as far as I know, are unable to take Irish property as security for a UK mortgage - this even holds true for Ulster Bank who only operate in Northern Ireland and the Republic of Ireland, i.e. you cannot get a sterling mortgage in Northern Ireland for a property across the border.

Even if you could, would you really want to?

Last August, every £1 was worth €1.14. Assuming you had a €228,000 mortgage, you would have needed a £200,000 UK mortgage to remortgage to the UK.

If you decided to move back to Ireland this week and needed to switch the mortgage back, the rate touched €1.26. Therefore, you'd need a €252,000 mortgage to clear your UK mortgage.

The above ignores the currency exchange fees (which would leave you even more worse-off) and the money you'd have paid of the mortgage. It's just to show you that the mortgage interest rate itself shouldn't be your only consideration - not that you need to consider anything because it's not possible anyway.
 
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