Getting Mortgages from U.K ??

C

colinhanley

Guest
Hi, I am just wondering is it possible to get mortgages fom Mortgage companies in the U.K if I am Irish and have only Irish bank accounts. I heard that you can get 100% mortgages over there but I would be very surprised if people from Ireland can get it or else everyone would be doing it.
Thanks,
Col
 
Hi Colin.
Are you resident in the UK? If not then I would not think it possible. UK Banks are for UK Customers - There would be too much of a fraud risk if they started offering mortgages to overseas customers. Thats why companies like RBS have bought into mortgage companies in Dublin - so they can get a foothold in Irish Mortgage business.
The criteria for 100 % mortgages in the u.k is similar to here - If you are in a certain profession such as doctor, vet, lawyer, etc then you can get a 100% mortgage from various institutions in Ireland.
 
Am not a U.K citizen so I guess that option is out. Better get studying for that medical degree I suppose.
Thanks,
Col
 
UK Mortgages

AFAIK the property must be in the country where the financial agent operates so you can (if you wish) buy a property in the UK with a mortgage from an English bank or bulding society. Keep in mind that interest rates are approximately twice what they are in Ireland as Irish rates are kept artificially low through the EU monetarymechanisms. A fixed-rate repayment mortgage from Nationwide is currently 5.99% (6.1%APR)....the going rate from the high-street.
 
Re: UK Mortgages

There would be a few complications here;

- Currency risk - If you got a Sterling mortgage, you run the risk facing steep rises in repayments if Sterling appreciates against the Euro
- Interest rates - The UK still set their own interest rate policy as they are not part of the Eurozone, so you'd be running the risk of having to deal with different interest rates compared the rest of the housing market here.
- Legal issues - The UK bank will want to know that they can repossess the property if the worst comes to the worst. Unless they have in-country legal expertise, they really won't be able to do this.
 
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