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Can you get a personal loan to buy abroad?

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  • 19-05-2019 6:27pm
    #1
    NeVeR
    Registered Users Posts: 5,325 ✭✭✭


    Was just wondering this.

    Could you get a personal load or Credit Union load and use it to buy a small place in Spain / Portugal?

    Would banks or credit unions allow this ?


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    #2
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    NeVeR wrote: »
    Was just wondering this.

    Could you get a personal load or Credit Union load and use it to buy a small place in Spain / Portugal?

    Would banks or credit unions allow this ?

    They used to pre crash, doubt it these days?


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    #3
    Atlantic Dawn
    Registered Users Posts: 81,154 ✭✭✭✭Atlantic Dawn
    M


    Something small like €20k loan would perhaps be ok as it would be deemed a personal loan with no care what it's for.

    How much you talking about?


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    #4
    NeVeR
    Registered Users Posts: 5,325 ✭✭✭NeVeR


    Atlantic Dawn wrote: »
    Something small like €20k loan would perhaps be ok as it would be deemed a personal loan with no care what it's for.

    How much you talking about?

    50-70k.

    I've not looked into it at all.. just a question on my mind.


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    #5
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Very unlikely....they do personal loans up to about €50k but the term would be about a max of 5 years which means repayments would be very high. You'd need to be on a very good salary..and they wouldnt like the purpose either as been burnt before


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    #6
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    You could get a mortgage on an Irish property you own and use the money for whatever the F you want. Or top up your existing mortgage if you have one and stay within the 3.5x salary limit.


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    #7
    scooby77
    Registered Users Posts: 394 ✭✭scooby77


    If you must borrow to buy, you need to carefully examine if you can afford repayments and ownership costs. We've a family property in Spain, aside from obvious utility costs local taxes and in particular community fees can be substantial. Remember purchase taxes and fees are far more than here and will come in at 10-15% of purchase price. ( 6-10% tax 2nd hand, 10% new development then 4-5% notary, legal, registration fees)
    Taxes vary from province to province, community fees from development to development eg more lifts to service, bigger pool(s) to maintain, bigger gardens to keep mean bigger community fees.


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    #8
    Damiencm
    Closed Accounts Posts: 280 ✭✭Damiencm


    Could u get a mortgage abroad?

    There are spanish banks that offer non resident mortgages ( max 60 - 70% LTV I think). I know of one a few months back where a non resident mortgage was 2.5% fixed for full 20 year term


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    #9
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    GarIT wrote: »
    You could get a mortgage on an Irish property you own and use the money for whatever the F you want. Or top up your existing mortgage if you have one and stay within the 3.5x salary limit.

    Mortgage topups are usually restricted as to purpose. I know bank of Ireland only gives them for home insurance and paying for kids education.


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    #10
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Atlantic Dawn wrote: »
    Something small like €20k loan would perhaps be ok as it would be deemed a personal loan with no care what it's for.

    How much you talking about?

    I tried to get a 30 k personal loan to help buying property a few years back, they did mind


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    #11
    Wabbit Ears
    Registered Users Posts: 3,042 ✭✭✭Wabbit Ears


    GarIT wrote:
    You could get a mortgage on an Irish property you own and use the money for whatever the F you want. Or top up your existing mortgage if you have one and stay within the 3.5x salary limit.


    I used some money I got from redundancy on a deposit on a property abroad and took out a mortgage for the rest secured on the value of my current mortgaged property. This was before the crash mind you!!


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    #12
    NeVeR
    Registered Users Posts: 5,325 ✭✭✭NeVeR


    Thanks for all the replies.

    I can afford the repayments.

    I didn't know Spanish banks offer mortgages. I'll look into that.

    Thanks


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    #13
    ted1
    Registered Users Posts: 23,265 ✭✭✭✭ted1


    Mad_maxx wrote: »
    I tried to get a 30 k personal loan to help buying property a few years back, they did mind

    I tried to get a mortgage top up for an extension, but was offered a personal loan of 50k instead over 10 years. Daft!!!


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