Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Qualifying for a mortgage having a mortgage on a property abroad

Options
  • 31-10-2016 9:37am
    #1
    Mep
    Closed Accounts Posts: 7 ✭


    Hi,
    I am applying for a mortgage through a financial advisor, I own a property abroad but I have a mortgage on it that I have been paying regularly from my foreign bank account.

    I am currently trying to sell this property but it will not be fast and I would like to buy in Ireland as soon as possible.
    I suppose my foreign mortgage will decrease my chances to have my mortgage approved and I am considering if it could be better applying for a mortgage after I sell my house abroad.
    Has anyone had a similar experience?

    Thank you in advance
    Tagged:


Comments

  • Options
    #2
    Michael D Not Higgins
    Moderators, Society & Culture Moderators Posts: 7,223 Mod ✭✭✭✭Michael D Not Higgins


    It all depends on your income and the size of the loan you have and the one you're applying for. In general though, the mortgage you would qualify for would be reduced by the principal left on your foreign property. So say you can qualify for a 200k loan here and you have 50k left on the other loan, you would get max 150k loan here. If this constrains you too much you will have to sell first.

    I'm sure your financial advisor would be able to give you more pointed and professional advice concerning your own circumstances.


Advertisement