Can i get a foreign mortgage?

M

matthew_bm

Guest
Hi guys, i hope i have posted this in the correct forum.

Anyway i guess i just have a basic enough question. I would like to invest in a foreign property but first of all i do not actually know if i will qualify for a mortgage or not. I have just turned 20 and am only earning a salary of 24k per annum so am pretty much priced out of most places in Ireland. I want to buy strictly as an investment with the view to renting the property out, and at present i am looking at a property in Poznan, Poland worth 90k approx. I see the investment as relatively long term (10 years approx) with a view to making decent capital gains on it in order to get a decent mortgage in Ireland a few years down the line.

I do not own any land/property here and as such do not have any collateral for a mortgage here in Ireland. I do not have any outstanding loans either, and have savings of 5k. I want to keep my liability (mortgage) and asset (property) in the one country ie. Poland, in order to avoid any currency fluctuations.

So i guess my question is this - can i even get a Polish mortgage in the first place?? i know AIB's subsiduary over there provide 85% LTV mortgages max, but would i even qualify for one??

Sorry for the amatureish question but any help greatly appreciated. Thank you.
 
Yes you will need to apply for the mortgage in the Polish market. You should do this with a credit broker or a bank which specialises in offering lending to foriegners.

You can of course consider the option of a equity release from your family/parents home which can be act as a deposit/lump sum against the purchase but you need to keep an eye on interest rates in the country you are purchasing as they are often much higher than at home. In this respect you might not qualify for as much in Poland as you would back home.

In Poland there are Buy-to-let mortgages available for foreigners. The typical maximum LTV is 70%.

http://www.firsthome.ie
 
You must log in or register to reply here.
Back
Top