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Getting a morgage in Ireland while living/working in UK

  • 25-08-2010 6:49pm
    #1
    DanGlee
    Registered Users, Registered Users 2 Posts: 385 ✭✭


    OK, so the title says a lot really.

    Basically I am over in the UK, but due to unforeseen circumstances I need to come back to Ireland (I'm not Irish) as my son is there (just split up with his mother last week) so I need to be around him growing up, the thing is, I am looking into buying a house in Ireland and buying it as a holiday home to get the mortgage in the UK. However... the websites say you can only get 85% of the mortgage when doing that. But the estate agent I was at the other day in Ireland said the deposit is about about €3k (properly only a small gaff for 80k) so thats right, but I can't afford 15% deposit as its about €10k.

    So I was wondering if anybody knows if its possible to get the mortgage direct in Ireland and pay it off as normal until I get a new job back in Ireland. I have to stay at my job here in the UK for another 8 months ideally, but seen the perfect place and want to get the ball rolling!

    Any help or advice much appreciated!

    Thanks,
    DG.


Comments

  • #2
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    So you have 3k but you need 10k, right? But you presumably have UK bank accounts, Id's, utility bills etc?

    If so then can't you just t apply for one of those UK credit cards with the insane credit limits. Ensure it is on offer to sign up- you usually get 9-12 months interest free on joining. Then before that time is up become a credit card whore and transfer the balance to the next company thats offering 0% interest on transferring the debt. Repeat and rinse, repeat and rinse.

    Thats all I can think of tbh, though if you put the 3k in a credit union here and showed them you're saving for a bit I think they'll lend you 3x your deposit. Though if you do that a bank may not give you a mortgage...


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,610 ✭✭✭✭Victor


    DanGlee wrote: »
    So I was wondering if anybody knows if its possible to get the mortgage direct in Ireland and pay it off as normal until I get a new job back in Ireland.
    The banks are very reluctant to lend at the moment. I understand they are only offering 80% loans on residences and are likely to offer much lower percentages on holiday homes. You really need to have saving built up.
    RATM wrote: »
    So you have 3k but you need 10k, right? But you presumably have UK bank accounts, Id's, utility bills etc?

    If so then can't you just t apply for one of those UK credit cards with the insane credit limits. Ensure it is on offer to sign up- you usually get 9-12 months interest free on joining. Then before that time is up become a credit card whore and transfer the balance to the next company thats offering 0% interest on transferring the debt. Repeat and rinse, repeat and rinse.

    Thats all I can think of tbh, though if you put the 3k in a credit union here and showed them you're saving for a bit I think they'll lend you 3x your deposit. Though if you do that a bank may not give you a mortgage...
    The above makes little economic or practical sense. If something foes wrong, you're in a whole lot of hurt.


  • #4
    DanGlee
    Registered Users, Registered Users 2 Posts: 385 ✭✭DanGlee


    Yeah, dont want to be lending thousands on credit cards, thats just silly! Prob just have to save, save save and wait until I come back over, just wanted to get it sorted here on this side and be able to move into a house without renting again!


  • #5
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Victor wrote: »
    The banks are very reluctant to lend at the moment. I understand they are only offering 80% loans on residences and are likely to offer much lower percentages on holiday homes. You really need to have saving built up.

    The above makes little economic or practical sense. If something foes wrong, you're in a whole lot of hurt.

    besides which there is nobody that offers 0% on cash withdrawals from credit cards. Its heavily punitive and an insane idea to even consider. your talking approx 140 euro a month just in interest to service that.

    Crazy idea OP steer well clear


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