How to release money in Irish home for UK purchase ?

M

megamk

Guest
Hi everyone, I am a newbie here and have been searching around for a post that may have already answered this but have not found one so here goes, apologies if it is and please post me the link to where it is.

Advice and guidance I need is : -

Property
- Have a family home occupied through a tenant in Ireland.
- There is no outstanding debts on this property, it is a new build ( 2 years old ).
- Rental income is steady, social welfare.
- Was my fathers property built as investment but he passed away suddenly last year

Advice
- Property will no sell in the current Irish housing climate, especially in the North West of Ireland where things are particularly bleak.
- Money that is in this property is needed by my mother to purchase a property in the UK, she is currently renting.
- Mother is about to retire so needs a home outright in the UK, only available money is in this property.
- Have asked in a leading Irish bank and a leading UK bank about sourcing money from this property for a UK purchase. Both will not deal with it as seperate countries

Not sure where to go now or if there other options of releasing funds ?.. rental income is virtually guaranteed but that only covers rent expense in the UK so a bit of a catch 22

Any advice or options greatly appreciated,

Thanks a mill.
 
Surely she just has to mortgage the house in Ireland and use the funds to buy the house in the UK. Can't see why any Irish bank would have problems with that as they have the Irish property as security. It would be treated as an investment mortgage though since it wouldn't be your primary residence so you would be limited on the % of the house value that you would be able to release.

Is the problem that you are trying to use the Irish property as security on a UK loan? That would be more problematic in the current climate but I can't see any reason why you wouldn't be able to release equity on the Irish property
 
Why not give the tenant in Ireland notice, give the landlord in UK notice and move into the Irish property, if necessary renting a room to a lodger?
 
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