Working and living in south, buying in north?

A

adele11

Guest
Hey my partner and I both live in southern ireland but are from the north. We are looking at buying a property there as an investment for a few years to eventually move up home again.
Is it possible to get a mortgage for this, would we have to lend in south or north and would a bank lend on this basis?
We would have at least 10% deposit available and are both in permanent employment, the mortgage would only be about 1.7 times joint income.
All advice greatly apreciated.
 
I would hold fire just yet Adele. House prices in the north are plumetting at the moment. Have a quick look at the following article from earlier in the week. The trend looks set to continue. Bide your time.
 
Hey Cayne
Im aware of this and wont be rushing into anything, im just really asking how it could work if it even is possible to work and live in the south and buy in the north, how does a lender treat this?
 
You'd probably have to get a Sterling loan from a bank in the North or UK. In the current climate you'd be doing well to get more than 80% for a Buy to Let.
 
hey adele, i lived in the south for 10 years moved to london to do a college course and i'm moving to newry in 6 weeks time. When i looked into this before the market hit the fan, irish banks would not lend me money to buy a house in the north. And because at the time i wasn't living within the uk either no english bank would give me the money either. Things might have changed and there might be other ways around it, at the time it was just something i was thinking about and i didn't look into it as much as what i could of. Since i'm living in london now i'm back as being a uk resident again and have a bank account and a good credit rating so i'm able to get a mortgage. Do you have accounts in the north. The only way i can think of doing it off the top of my head ( and i'm not 100% you can even do this or if it's legal ) is if you have family in the north you can say that your living with them, put yourself on the e. roll and open any account in your name at that address and just say your commuting to the south for work. In that case they will except all your documents, wage slips ect from the south and in euro. For a buy to let loan you will need to have a minimum of 20% for the deposit ( again last time i checked this could all of changed now ) and also you need to be earning a mimimum of £25,000 sorry i cant be anymore help to you.
 
Adele

am from the north as well living in the south for years a few years ago me and mate down here also from home got onto a bank in the north... they loved it got a mortgage in sterling no probs i might add. Rent it out now till either of us wants to do anythig with it


all the best kk
 
KK,

Cool so did they accept your southern payslips as proof of income?
Can i ask which lender?
Thanks!
 
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