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Foreign mortgage on domestic property?

  • 02-03-2016 2:24pm
    #1
    Registered Users, Registered Users 2 Posts: 10


    Hi,

    Anyone know of any foreign bank which will offer a mortgage on an Irish residential (primary residence) property?

    Thanks!
    Tagged:


Comments

  • Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    It would usually be seen as rental property/vacation home so your loan would be significantly more expensive and lower in percentage of total price compared to an Irish bank and for good reason if you can get a loan.


  • Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    No the mortgage has to be from a provider where you are purchasing the property. Buying a property in Ireland then the lender has to be in Ireland.


  • Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    birdmany wrote: »
    Hi,

    Anyone know of any foreign bank which will offer a mortgage on an Irish residential (primary residence) property?

    Thanks!

    They might if you give them financial guarantees in that country. They are unlikely to consider the property you are buying in Ireland as a guarantee as it would be very hard/overcomplicated for them to make a legal move on it if you default. But if you (or a relative) have a property or a large investment portfolio in that country which you are ready to use as a guarantee (meaning it will be unsellable until you finish paying the mortgage), they could possibly use that.

    The other issue you might have is that sellers might discard you v.s. other buyers to avoid possible complications and delays with your foreign mortgage approval.

    I think it might be easier to get an Irish mortgage with no early repayment penalty to buy the property, and then approach the foreign bank with a view or re-mortgaging part of the amount based on the grantees you have (I assume your purpose is to get a lower and fixed interested rate).


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