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Mortgage Query (EU)

  • 10-04-2015 10:54am
    #1
    Who Knows?
    Registered Users, Registered Users 2 Posts: 126 ✭✭


    Hi all,

    I want to inquire about that dirt word "mortgage" and seek some general thoughts on sourcing a mortgage. frown.png

    Some background:
    I recently visited a number of financial institutions to seek a mortgage. I was approved by all of them when seeking approx e200-220k. In fact, they suggested I could get in the range of e375k if I wished (no thanks!!). redface.png

    My thoughts:
    Anyway, as they gave me the corporate piece and how a mortgage is "best for me", I was left wondering about our lack of choice between various financial institutions in Ireland. In addition,in light of recent reports across the media which suggest that we are above the EU average in terms of interest rate repayments, I was left wondering "what is this EU, open market ideal which we funded, promote, follow, etc." How does this free/open market apply to mortgages within the EU. Then I began to wonder, could a guy like me apply for a mortgage in another EU country to avail of these lower mortgage rates? confused.pngconfused.png

    Hope to Answer:
    I am still seeking a answer and was hoping someone could shed light on this. Having watch Prime Times piece last night on the "rip-off" mortgage approach in Ireland, it has triggered me to seek advice and maybe rule it in/out as an option. By the way, the Prime Time piece can be found at:
    http://www.rte.ie/news/player/prime-time/2015/0409/ eek.png

    Any thoughts/experience in relation to seeking mortgages outside of the Republic of Ireland would be much appreciated.

    Many thanks.
    Tagged:


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    Unless it's a very unusual case, no bank outside Ireland will lend for an Irish mortgage.


  • #3
    daheff
    Registered Users, Registered Users 2 Posts: 5,933 ✭✭✭daheff


    Geuze wrote: »
    Unless it's a very unusual case, no bank outside Ireland will lend for an Irish mortgage.

    Generally its due to different local legislations and banks in other countries being unfamiliar with them


    I'd expect over time (ie not in your lifetime) it will open up more.


  • #4
    bluesteel
    Registered Users, Registered Users 2 Posts: 228 ✭✭bluesteel


    LOL have you seen how hard it is to repossess a house in Ireland. No bank in its right mind would lend here when thay can't enforce security on its asset


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