Can I get a mortgage in UK based on equity in ROI?

S

Stan1096

Guest
Hi,

I have a house in Dublin with a relatively small mortgage (approx 100K). We are hoping to move back to England this summer. Given the proprerty market situation at moment I'm wondering whether we would be better off keeping the house in Dublin and renting it out rather than selling it. But if we did that is it possible to get a mortgage in England based on the equity we have in the Dublin house? I'm a complete novice on these sorts of things so apologies if this is a daft question! Thanks.
 
It's unlikely that you'll get a mortgage in the UK using your Irish house as security. UK banks probably won't be interested in having Irish houses on their books. However, you could possibly release some equity using an Irish bank (get a top-up loan or a re-mortgage) to raise funds, which you could then use towards the purchase of a property in the UK.
 
This must be a common enough thing between UK/Ireland. How about trying your Irish bank that's based in the UK. B of I and AIB I believe and they'd have experience of both markets. Whether it's advisable or not due to currency fluctuations is another matter but you get more for your pound nowadays.
 
Is it any different than having a mortgage taken out in NI for a house in RoI?

I have done this in the past, and I know many that still have.

Since NI is the UK after all, don't see why it would be any different.
 
I too am in the same predicament at the moment. After researching rates from UK banks I have found that the Irish banks are a lot cheaper to borrow from.

A prime rate with Halifax UK is 7%, therefore I would release equity to buy a property in the UK from my Irish home.
 
Many thanks for your replies. I think it would be a good thing to go and talk to one of the bacnks and see what they say.
 
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