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Mortgage and Moving to Ireland
This should halve our current mortgage but what I don't know is should/could we keep our outstanding mortgage in the UK?
We owe just under £200k with the Bank of Ireland on their standard rate of 4.49 for a repayment mortgage - would it be better to open a bank account in Ireland and my husband transfer money across to it for both the bills and the mortgage or should we ask the Bank of Ireland if we can keep our mortgage with them, in the UK and get a better rate?
Comments
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If you're selling your house in the UK and moving to Ireland then your current Bank of Ireland (UK) mortgage will be repaid once your house is sold. A mortgage in Republic of Ireland will be in euros and will be at the rates available at the time of application - you can't port a mortgage from the UK to Ireland even though the bank is the same. Your equity minus selling costs will have to be converted to euro for your deposit and your mortgage repayments will be in euro not sterling so your husband will need to look at conversion for his salary and whether banks that are based in both the UK and Ireland can offer him linked sterling/euro accounts and reduced fees for conversion or whether you can afford to save up a few months salary and convert larger amounts for better exchange rates. Are you planning on working when you move? Have you looked at the cost of living in Ireland and the travel costs/time?"I cannot make my days longer so I strive to make them better." Paul Theroux0
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Thank you for your reply and sorry for the delay in replying.
We haven't really thought it through yet (early days) but it is not looking good as we were hoping to have the main cost (i.e. mortgage) over here but that is not looking likely.
Yes I was hoping to work but I haven't anything lined up. Looks like it have to be the impossible dream for a while longer then.
Thanks again.0 -
Do you REALLY want to be taking that big a gamble on the foreign exchange markets? OK, if your husband is earning in sterling, then there's a gamble there, too, but that's a lesser exposure.
Have you considered the commuting costs and his weekday cost-of-living in London?
Have you considered the effect on your relationship of such an extreme commute?0 -
Probably not, just very naïve I guess - will just have to wait for retirement I suppose...0
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