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Want to buy property in UK - Mortgage??

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  • 27-01-2015 12:07am
    #1
    Irishjoebloggs
    Registered Users Posts: 5 ✭


    Hi, is it possible to get a mortgage to buy an investment property in the UK and if so what banks/brokers specialise here? I was told Ulster Bank will not entertain such mortgages. Anyone with experience in this area?

    Thanks


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    #2
    Rob Thomas
    Registered Users Posts: 488 ✭✭Rob Thomas


    AIB and BOI used to do it. The reason Ulster Bank don't is because of the complications perfecting the charge over the property given it's outside ROI.

    It can be more challenging, but the best option is to raise a mortgage in the UK in Stg with a Bank there.


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    #3
    Irishjoebloggs
    Registered Users Posts: 5 ✭Irishjoebloggs


    Hi thanks for that. I am speaking with a company in UK SEQURE and they put me onto a brokerage they use for mortgages but they say they don't currently have an institutions willing to lend to someone outside the UK! So not sure where to go next!

    Really want to buy as returns seem better in more populated areas and seems to be better potential for capital appreciation also. have deposit just need to source mortgage!


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    #4
    Rob Thomas
    Registered Users Posts: 488 ✭✭Rob Thomas


    Perhaps your own Bank here can provide you with a High Street contact in the UK who would lend you the funds locally.

    For example: Ulster Bank used to "introduce" ROI customers to branches of NatWest or RBS in the UK (same parent) and that local branch assessed the mortgage requirement based on their local lending parameters. I know several people who raised mortgages in this way.

    Both BOI and AIB had operations in the UK but these May have been ended/sold off when they consolidated.

    I would get in touch with my local Bank Manager and see what they were angle to advise.


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    #5
    Irishjoebloggs
    Registered Users Posts: 5 ✭Irishjoebloggs


    Thanks Rob,

    Speaking to BOI here on boards. They put me onto to BOI UK who don't lend to people in the Republic!

    I've asked them if they do it here but doubtful. Strange. Back to drawing board and thanks for response.


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    #6
    Mis_max
    Registered Users Posts: 26 ✭Mis_max


    Hi, We are in the same boat and I'm wondering did you find a solution to this?

    We are not even getting to the stage of discussing our finances so it seems there is a blanket ban on lending to Irish residents to buy UK properties!

    This was not an issue when we bought a few years ago, there were plenty of options. Our broker was shocked to realise all the doors were closed. We have tried UK banks and Irish banks. Neither will consider a mortgage. We have a couple of appointments to discuss a commercial loan but even that looks unlikely.

    Anyone successfully secured finance to purchase a UK property in recent months?


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    #7
    NIMAN
    Registered Users Posts: 33,112 ✭✭✭✭NIMAN


    Tbh you can understand the banks reluctance.

    They are lending a large amount of money in £ to someone who is earning in €, and there is always that currency fluctuation to worry about.

    Had someone bought a house in the UK a few years ago when sterling was only 1.10 and it's now 1.40, it would put added stress on ability to pay.


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