Mortgage for overseas property - where is best place to go for advice?

gline · 02-10-2006 7:48pm #1

Im looking to get a morgage to purchase an overseas apartment/house for investment, will probaly rent it out, have a decent deposit for it. Would be looking for under 100k

Where is the best place to go and get advice on doing this.
Went into Aib (been with them over 15 years) and they said they dont do mortgages for overseas property :mad:

So where do I go

any agencies that can organise this for you??
anyone done this here??

advice welcome.... thanks

The_Conductor · 02-10-2006 9:37pm

It really depends on where the property is.
Normally, one would take out a mortgage from a reputable institution in the country where the property is located (it makes the legalities a lot easier and if not in the Euro zone also insulates you against the vagaries of depreciating currencies).
So- really it depends on where the property is. A more valid line here might be "I am thinking of buying a property in X (Portugal for arguments sake). Has anyone taken out a mortgage on a (Portuguese) property and how would they go about it?

gline · 02-10-2006 10:15pm

thats the thing it will be an investment property and I dontt have the first clue where is a good place to buy etc, thats why i was wondering is there agencies in ireland that can help you with all this for a fee of course? Or anywhere i can go for advice on investment properties in general?

Sponge Bob · 02-10-2006 10:28pm

generally avoid, much scum selling dodgy foreign property in Ireland nowadays .

if you have not got a clue then get one somewhere and revisit the subject in 6 months.

gline · 02-10-2006 10:34pm

Sponge Bob wrote:

if you have not got a clue then get one somewhere and revisit the subject in 6 months.

well i'd rather get help+advice first which is why i am here

Sponge Bob · 02-10-2006 10:55pm

you could try German (safe and cheap to buy in but rents are fairly low ) or you could buy a place in a waterless desert in Paradise Beach Cape Verde with no direct flights fom Ireland at twice that price and from Eddie Hobbs no less.

http://www.eddiehobbs.com/content/cat_index_20.php

I suggest you follow Eddie Hobbs , he is the man .

gline · 02-10-2006 10:58pm

lol who is this eddie hobbs???

so germany ay?

is there actually many people doing this ? (buying property abroad) ?

Sponge Bob · 02-10-2006 11:14pm

take your time , do your research, do what Eddie said in that link and have 50% of the price upfront .

many places acre cheap for a reason or are also in a bubble like us here.

gline · 02-10-2006 11:17pm

Sponge Bob wrote:

take your time , do your research, do what Eddie said in that link and have 50% of the price upfront .

many places acre cheap for a reason or are also in a bubble like us here.

hmm 50%.... is this a figure for safety or will you not get an investment mortgage if you have less, im sure i would have 50% but wouldnt want to use ALL my savings.

means i'd nead to find a property for €60k abroad... from what i have been told though this is possible... but was a told a load of shi*e???

Mortgage for overseas property - where is best place to go for advice?

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