morgage for foreign property - hassle.

whosdaman

looking for a company to lend me 70k to invest in spain. i am a manager of a toy store on roughly 30k per year.
i do not own my home. but have a 100%clean bank record, never been in the red. car payments all on time. and they still will not give me a deal.
would anyone know anyone who deals in this area . irish permanant are complete tossers IMHO.
9 years with them .
and the one time i need them. no joy.


Mod EDIT: Added IMHO after "irish permanent are complete tossers" !!

Hitchhiker's Guide to...

first, what does "firigen" mean in the thread title?

would a spanish bank not lend you money against the property? I got the impression they were willing to quite easily lend 50% against a spanish property.

whosdaman

hahaha so sorry forigen ..................
spanish banks . id rather do it this side of the water , id feel more secure.

conor_mc

To be honest, I'd be very surprised if PTSB would lend for foreign properties unless it was at least partially secured against a property in Ireland. I doubt it's anything personal.

What plans have you got for this investment property? Did you put together a business plan? Research the market? Were you able to show them reliable rental income figures?

Why not try a bank more inclined towards investment property, such as IIB?

garred

I'm with IIB and unfortunately you cannot get a mortgage for a foreign property. We had to get a topup on an existing mortgage. Think its the same with all banks here. You can get a mortgage for a house in the UK but anywhere else its a no no. This should change soon I'd say as the market and demand for this type of mortgage is out there.

hmmm

Let me get this straight - you expect a bank to lend you 70k for a property in god knows where with no security? What do you think a bank is?