Can you get an Irish Mortgage for property in Spain

D

dave29

Registered User
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My friend asked me to ask on here.

He's looking at getting a home in Spain. He currently does not have a home in Ireland ( lives with G/F in her house ) and he has no mortgage,

He's a full time job etc, and could get a Mortgage for an Irish home if he wanted to ( about 100k )

Would he be allowed us this money to buy a property in Spain ?

thanks.
 
Re. the mortgage, I know some Irish banks did joint ventures with Spanish banks to facilitate Irish people buying property over there (during the "mad" days) My understanding is that an Irish bank would have no security on a property in Spain (as in another jurisdiction, unless it can be secured against a property here) so a Spanish bank would be the normal route. Have friends who bought a propery in France and others in Portugal - both got mortgages from local banks.
 
Just to add to that. Spanish banks are not lending at the moment. If you are lucky enough to get a mortgage as a non-resident you can get a mortgage 60% of the value of the property. If you however buy one of their bank repo properties you can get 100% mortgage. I can't see any Irish bank loaning for a spanish property at the moment.
 
Most mortgages issued to purchase properties abroad even during the boom were secured against a property in Ireland, the good old equity release. This has pretty much stopped dead so I would think the chances of getting a mortgage here to buy a property abroad are practically nil. The difficulties of trying to repossess if necessary is mainly why it was not done in the first place and why the banks preferred the security of a mortgage against a property in this country even if the funds released were used to buy abroad.
 
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