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Second home in Ireland
Options
lozzer1
Posts: 3 Newbie
Just need a bit of advice on options here. i am currently 55 and have a mortgage with husband with11 years to go. House is worth around 450k ( mortgage is is £125k). We want to buy a house in Ireland that we will use as a holiday home for now but with a view that we will retire to it and then sell our current home.
I have around 100k deposit and want to pay a mortgage of no more than around 500pcm on the second home. My question is- how likely is lender to let us take out a mortgage that takes us beyond retirement with a view that we will not release the equity in our family home for around 10 years? So I might look for a 20 year mortgage which would take me to 75 but in reality would be able to repay it in 10? I hope that makes sense. Any thoughts would be appreciated.
I have around 100k deposit and want to pay a mortgage of no more than around 500pcm on the second home. My question is- how likely is lender to let us take out a mortgage that takes us beyond retirement with a view that we will not release the equity in our family home for around 10 years? So I might look for a 20 year mortgage which would take me to 75 but in reality would be able to repay it in 10? I hope that makes sense. Any thoughts would be appreciated.
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Comments
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Or should I think about an Interest Only mortgage?0
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Would it not make more sense to just remortgage the money out of your main home to pay for the new one in cash then sell your current one and pay off mortgage ready ? I wouldn’t be getting a second mortgage in your circumstances.How much are houses in Ireland as 500 pound a month at current interest rates that will get you 75k over 20 years.0
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We are thinking of a property around 250k. Would really need to borrow around 150k to get what we want. We have that equity in our current home ......we dont plan on selling our current home for about 10 years. I am hoping not to spend more than about £500 pm more than my current outgoings. Thank you0
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I'm assuming you are currently in England / Scotland Wales and are UK citizens.....Are you looking at Northern Ireland or the Republic ?If the latter, has Brexit imposed any limitiations on the time you can spend there ?0
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There are no restrictions either way between the UK and Eire. The CTA remains in place post Brexit.p00hsticks said:I'm assuming you are currently in England / Scotland Wales and are UK citizens.....Are you looking at Northern Ireland or the Republic ?If the latter, has Brexit imposed any limitiations on the time you can spend there ?No free lunch, and no free laptop
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