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Question re: investment property in reland

  • 11-06-2010 9:37am
    #1
    wandiwar
    Registered Users, Registered Users 2 Posts: 28 ✭


    Just a quick query - if you are looking to buy investment property in Ireland (irish living overseas and would like to have a house in Ireland) how much would a bank lend you. I am looking at putting up 30%-35%.

    Is that sufficient?

    Thanks.


Comments

  • #2
    Dymo
    Registered Users, Registered Users 2 Posts: 1,565 ✭✭✭Dymo


    You'll have to go through the same criteria as everyone else and prove that you can make the repayments. Having a big deposit will help.


  • #3
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    If you have a solid job with a good salary, the banks will be just thrilled to see you coming in with that kind of a deposit.
    You'll still have to go through the same mortgage process as everyone though.


  • #4
    wandiwar
    Registered Users, Registered Users 2 Posts: 28 ✭wandiwar


    thanks for that. Is there a minimum you can borrow seeing as its investment property (rental) or is it the same % as primary residence.


  • #5
    ZYX
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭ZYX


    Things may not be as simple as you think. It will also depend on property you own overseas. Max loan used to be 75%about 10 years ago but that may have changed now.


  • #6
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    it depends on your income, your savings ,what loans you have at the moment eg usual criteria for a loan.You can email any bank or look on the websites for detailed info, theres special loans designed for investors/ landlords.


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  • #7
    fliball123
    Registered Users, Registered Users 2 Posts: 7,534 ✭✭✭fliball123


    most banks are looking 80/20 now so you need 20% yourself


  • #8
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Don't forget to factor in tax liabilities when investing in property here. As a non-resident landlord your tenants are obliged to forward 20% direct to Revenue. This means your rental income is only 80% of what you're charging, add in PRTB registration and maintenance costs as well when working out if renting the property actually works as an investment.


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