Are Irish banks and loans for PPRs (houses) in Britain?

[colc1]

I was just wondering are Irish banks a bit reluctant to give loans to first time buyers buying in Britain. Am I better off getting a loan from a British bank or are there obstacles to this?

Do they (Irish banks) charge higher interest if the house in the UK? Sorry havent a clue about this area, but thinking of buying in the north of English, primarily as a base there, but also hoping to rent out some of the rooms to help with the mortgage. Am I mad thnking of this? Does Britain have a similar scheme to the rent-a-room scheme?

 

[Guest107]

Yes , 100% loans are out. you are looking at a loan of 70-80% LTV I'd say.

UK has no rent a room tax break that I ever heard of.

 

[snowy]

as far as i know in england you get a tax break if you rent to students. helps the housing issue etc in university towns.

 

[Sarah W]

When I left the UK (1995) you could earn up to (I think) £350 a month tax free from renting rooms in your main residence.

Given the amount of choice and competition in the UK market you'd be better of using a British lender rather than limiting your choice to the Irish lenders operating in the UK market IMHO.

Sarah

www.rea.ie

 

[colc1]

Yes , 100% loans are out. you are looking at a loan of 70-80% LTV I'd say.

UK has no rent a room tax break that I ever heard of.

Do you mean yes I'd have a problem getting a loan for a house in the Uk 2pack? Thanks for your responses so far lads/ladettes! '2Pack', why do you think they would only give 70-80% of teh value?

 

[colc1]

When I left the UK (1995) you could earn up to (I think) £350 a month tax free from renting rooms in your main residence.

Given the amount of choice and competition in the UK market you'd be better of using a British lender rather than limiting your choice to the Irish lenders operating in the UK market IMHO.

Sarah

www.rea.ie

Thanks very much for your response Sarah I will look into that will most British lenders lend to Irish people living in Ireland?

 

[colc1]

I was just wondering are Irish banks a bit reluctant to give loans to first time buyers buying in Britain. Am I better off getting a loan from a British bank or are there obstacles to this?

Do they (Irish banks) charge higher interest if the house in the UK? Sorry havent a clue about this area, but thinking of buying in the north of English, primarily as a base there, but also hoping to rent out some of the rooms to help with the mortgage. Am I mad thnking of this? Does Britain have a similar scheme to the rent-a-room scheme?

The answer to my own question is at http://www.hmrc.gov.uk/individuals/tmarent-a-room-scheme.shtml

£4,250 tax-free. Might be of some use thinking of doing the same,

C

 

[colc1]

When I left the UK (1995) you could earn up to (I think) £350 a month tax free from renting rooms in your main residence.

Given the amount of choice and competition in the UK market you'd be better of using a British lender rather than limiting your choice to the Irish lenders operating in the UK market IMHO.

Sarah

www.rea.ie

The only thing now is would I need to save a much larger deposit to buy through a British lender? Basically I have been saving like crazy for a year or so but I dont want to put all my savings into the deposit I want to keep some money in reserve for unforeseen evetns/'having a life', etc. so would I be better off going through an Irish bank from that point of, i.e. maybe getting a larger loan sum, higher percentage LTV loan? I am a civil servant will this help me?