Euro mortgage for property in Northern Ireland.

S

sj7rr

Guest
Hi All,

So, what I'm interested in is getting a mortgage from a lender in Ireland [were I live and work], but I want to buy a property in Northern Ireland. The property is a residential property, not an investment.

Until 1 month ago, most of the banks here in Ireland did this. For some reason, this has changed and now they do not offer it.

Questions:
[1] Does anyone know why banks in Ireland have stopped doing this?
[2] What alternatives would there be for me that would allow me to get a Euro mortgage, but buy a property in Northern Ireland.
[3] Does anyone know if banks in Northern Ireland are friendly to those who want to buy there, but work in Ireland? Do they impose the same limitations.

Thanks.
 
I would like to help but don't understand why - if you are moving to Northern Ireland - you would/could still be living in RoI with mortgage from an Irish bank! Could you explain a bit more please what your question is?
 
Apologies: I'll expand a little more.

So, I don't plan to move to Northern Ireland.
I would like to continue to work in Ireland, but possibly buy somewhere in Northern Ireland, close to the border. As a consequence I could continue to work south of the border but have a house north of the border.

Not the everyday scenario I know.

My wages would be in euro's, so I'd like to also gain the benefits of paying my mortgage to an Irish bank in euro's, getting a lower interest rate [in comparison to UK rates] and paying less overall for the cost of the house [prices being less even after currency exchange than Dublin].

The problem is that until very recently banks [Irish] allowed you to take out a euro mortgage and buy a place north of the border.

Considering that now they don't, I'm interested to hear any thought's on how to get a euro mortgage from a lender who doesn't object to buying a property just over the border into another jurisdiction.
 
Until 1 month ago, most of the banks here in Ireland did this. For some reason, this has changed and now they do not offer it.
Click to expand...
Are you sure this is correct? I thought they only ever provided mortgages for property located in the Republic of Ireland.
 
Yep Positive.

A friend of mine via Ulster Bank in the South was able to get a mortgage with little difficulty. They were fully aware that the house was being bought in the North.

I then rang the same bank and posed the question to them recently and they announced that Bank policy has changed recently due to some newly implemented regulations and as such they do not offer it.

Like you I was unaware, but perhaps this was a local needs versus bank policy issue. The banks in the border area were more susceptible to understanding your needs that HQ in Dublin.
A number of banks did this - Aib also did this offering until recently.

Is there any way to workaround this?

Could I get an investment mortgage instead? What criteria would I have to have 'no a current home owner, either north or south - so no collateral' in order for them to be interested in funding a mortgage for a property 'abroad'?
 
Amazed this was ever allowed.

Mortgage in a different currency in a different jurisdiction from the property. Sounds like a charter for money laundering and illicitly moving money offshore - not to mention the potential for CGT rising up to bite at the point of disposal of a PPR.
 
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