Moving to Ireland - mortgage UK property?

J

justin138

Guest
[FONT=verdana, arial] Hi all, some advice needed! Does anybody know if it would be possible to get a mortgage in Ireland using our house in England to get the mortgage against. We are looking to rent our English house out and move to Ireland and the BTL mortgages we can get in England have pretty steep interest rates and it would seem to make sense if we are going to live in Ireland to have an Irish mortgage.
I am assuming the BTL mortgage route is the way to go? However, I will be working once in Ireland but I'm guessing that mortgage companies won't take into account future earnings (who can blame them!)
Figures are:
UK house worth £170,000
Value of house in Ireland - €200,000
I have searched the forums but can't seem to find anything pertaining to our particular case.
Hope this makes sense and thanks in advance for any guidance.
[/FONT][FONT=verdana, arial]Regards
Justin [/FONT]
 
Don't think so (legal complexities of borrowing off an asset situated in another jurisdiction etc) - you can probably release equity on your UK property and use that to help fund your Irish house - Sarah or someone will know for sure, but that's my understanding anyway
 
No, you can't. There are Irish lenders operating in the UK and vica versa but the interest rates are set by the prevailing monetary council - the Bank of Enland and the ECB respectively.

Sarah

www.rea.ie
 
I did wonder if this would be the case. The UK house is owned outright by my wife. Plan B is that we get a small BTL mortgage in the UK on the house, then I would rent in Ireland, find work and then apply for an Irish mortgage. I gather from reading other posts that you have to have been in regular employment for 6 months but I'm guessing with, say, a €110,000 deposit, getting a mortgage for an extra €90,000 wouldn't be too difficult?
I appreciate your help people, thank you for your time.

Regards

Justin
 
I have borrowed here to buy property in France and AIB here were able to take the french property as Security. Why can they not take an English property as security.
 
Hi Woods, when you say you borrowed here, do you mean the UK?

Regards

Justin
 
justin138 said:
Hi Woods, when you say you borrowed here, do you mean the UK?

Regards

Justin
Click to expand...
No. I borrowed HERE in The Real Capital of Ireland The People's Republic of Cork.
 
Well, that is exactly the sort of thing we were looking at doing, using the Uk house as security for an Irish mortgage. The general consensus seems to be that this isn't possible but I feel sure it must be viable. I will speak to AIB and see what they have to say.
If you don't mind my asking, did you get the mortgage purely by using the other house as security or did they take wages into account as well?
Thank you for your patience!

Regards

Justin
 
justin138 said:
Well, that is exactly the sort of thing we were looking at doing, using the Uk house as security for an Irish mortgage. The general consensus seems to be that this isn't possible but I feel sure it must be viable. I will speak to AIB and see what they have to say.
If you don't mind my asking, did you get the mortgage purely by using the other house as security or did they take wages into account as well?
Thank you for your patience!

Regards

Justin
Click to expand...
I do not have a wage. The property that we bought in France was a Hotel so it had to stand on its own two feet as a business.
I was just pointing it out because people were telling you that a bank here could not take foreign property as security against a loan taken and arranged here and even though it is probably not common I can say for sure that it is not impossible.
 
"...I'm guessing with, say, a €110,000 deposit, getting a mortgage for an extra €90,000 wouldn't be too difficult?"


Does the quote above imply that you are envisioning buying a house in Ireland for circa E200,000? Although I am not familiar with the price of property throughout the whole country, I do feel that you would find it very difficult to find a house in most urban centres for this price. However, perhaps I have misread your posts - I apologise if so, but just wanted to point out possible problems if this was your price range.
 
Hi Suds, thank you for your post.
We are looking at rural properties as urban won't suit us and from what I've seen over the last couple of months on-line, a property at that price is realistic.
I am coming over in the next month or so to house hunt and try for the mortgage so fingers crossed!

Cheers

Justin
 
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