Mortgage for holiday home

E

emmt

Guest
Quickie question...a friend is looking at buying a holiday home abroad but the mortgage amount he needs is so small (around 40K) that it seems he'd have to have an existing mortgage that he could top up cos he wouldnt be able to get a mortgage for that low amount. Anyone know if this true? If it is would the bank know if he was to look for a bigger mortgage (say 100K) and then pay back the 60K after the deal had been done...
Thanks in advance
 
I assume he's got a house here with no mortgage on it? If so he can raise the money here secured on his home - I don't think €40,000 is below the minimum loan with most lenders.

Sarah

www.rea.ie
 
Hi sarah..he has no property here at all but does have a well paid job and would have no problem with the mortgage repayments on his salary. He was advised that 40K was only possible as a top up on an existing mortgage but I'll advise him to check out the minimum amount with the banks.
 
Ah! If he has no property here he will only be able to raise a mortgage in the country he is buying in or he could look for a personal loan here. A good source for overseas mortgages is www.conti-financial.com - Simon Conn (unfortunate name!) has been specialising in them for at least 15 years.

Sarah

www.rea.ie
 
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