Mortgages from UK banks for Irish property

samdk

Hi,

I'm interested in buying a property in Ireland. I live and work in the UK, but can't find anything on getting a mortgage for an Irish house from a UK mortgage provider.
The house is €50,000.
I earn £30k and live rent free with a parent. No expenses or student loans.
I'm looking at borrowing £38,000 over 6-8yrs. It's not a buy to let as I intend for my dad to live in the house and to own it for life.
I have £6000 for a deposit and £4000 for fees.

I need to build up my credit rating as I've got virtually no credit history. I am a little sceptical that an Irish provider would take me on because of this.

What should my next step be? I would greatly appreciate any advice as my dad is 'between houses' and this could be a winner for both of us

Thanks

Wallhart

I'm confused. What's the LTV 95%.

Problem in Ireland is that there are a lot of houses that are empty. Unless your near Dublin that may be an issue with banks.

Also you surely need a eur mortgage otherwise the bank and you face fx risk on the underlying asset.

First off get a credit card. Pay it off every month and be sensible. That will help you build credit up.

I'd wait for more experienced people to comment on mortgage side

samdk

My LTV will be between 89% and 82%. I was just a tad lazy on the figures.
Working on the credit rating as we speak. My problem is that I've moved houses 12 times in the past 3yrs and have only just appeared on the electoral register.

My question is - will I have to go through an Irish mortgage provider or will an English one lend me € on a foreign property?

holly_hobby

Assuming this is a genuine enquiry.

Forget a Uk based bank, but I doubt you'll be succesfull with a Irish based institution either (and you would apply to one that also has a presence here in the UK, to make status checks easier).

However, you have at best a sketchy credit record (12 residences over a 3 yr period will make any lender nervous), you also live and work OS of Eire here in the Uk, are paid in sterling, don't rent but live in the UK with a parent so no commitment, are a FTB, and want to buy a property in Eire, for a non-rent paying dependant to live in (so will either be assessed under dependant relative regs, or more likely BTL, which if issued in the UK would be regulated, if in Eire I've no idea on the financial regulation it would be assessed under) ....... all topped off with a fairly small deposit .... IMHO it would take a brave (or reckless) lender to take this one on.

If you're living with a parent so have minimal outlay each mth, keep saving for the 38k you want .... the alternative for your Dad is of coursing sourcing his own rented accomodation (if he doesn't qualify for a mge of his own).

Sorry, but if genuine, I think this is a very dead duck at present .....

Hope this helps

Holly