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Capital release to buy house abroad

  • 06-03-2017 10:29am
    #1
    Wandering Aengus
    Registered Users, Registered Users 2 Posts: 1 ✭


    I am an Irish citizen who has been living and working abroad for the last several years. I own a house in Ireland with no mortgage and currently have no real cash savings. The house is rented out and the income gives me a nice steady 8% ROI after expenses and tax.
    I am moving to South Africa for work in September and I would like to take out a mortgage on my house in Ireland in order to buy a house to live in in South Africa rather than pay rent. The mortgage would likely be less than 50% of the value of my house in Ireland. All going well I expect to repay the loan in full in around 2 - 2.5 years.
    So far all of the mortgage brokers I have spoken to say that this is impossible as they can not recognise my South African income. I do not want to take out a mortgage in South Africa as the interest rates there are currently at around 11%.
    Does anyone have any ideas on who may be able to help me?


Comments

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


    The mortgage brokers are correct you cannot get an equity release mortgage to purchase a property abroad. The only way around is to sell your existing property.


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