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Loan to pay off overseas property mortgage

  • 22-08-2012 3:03am
    #1
    sanjose1
    Registered Users, Registered Users 2 Posts: 67 ✭✭


    Im upto my neck in a financing situation for an overseas property I have. I owe around $120k usd over there and paying a very high interest rate of 12pc for this. I have a mortgage free house in Ireland worth around 190k Euros. Wondering if the banks here would loan me a large amount at better interest rates. I have good credit history and was thinking of maybe securing the house I have here for the loan if possible. The dollar is quite strong though against the euro right now, makes it less appealing if it could be done. Appreciate any advice.


Comments

  • #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    sanjose1 wrote: »
    Im upto my neck in a financing situation for an overseas property I have. I owe around $120k usd over there and paying a very high interest rate of 12pc for this. I have a mortgage free house in Ireland worth around 190k Euros. Wondering if the banks here would loan me a large amount at better interest rates. I have good credit history and was thinking of maybe securing the house I have here for the loan if possible. The dollar is quite strong though against the euro right now, makes it less appealing if it could be done. Appreciate any advice.

    Is your Irish mortgage not secured againet your house?


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Pablo Sanchez wrote: »
    Is your Irish mortgage not secured againet your house?

    read the post, house in Ireland is mortgage free.

    OP, sounds like a possibility. Would 100% need to be secured on the property. No bank will give that kind of money without security. Would be a good route to go given the rate you are paying in the US.


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