Small mortgage - complicated - best options?

R

RoisinD

Guest
Hope this is not too confusing!

We live in the UK and have equity in our property here. We are currently building a house in Ireland. The house is partially built. The main structure is up, windows in, roof finished and the house is secure. Here is our dilemma. We had intended to finish it as we could afford it. Following a lot of duscussion we have decided that we would like to finish the house as soon as possible and return to live in it permanently within the next 6 months.

The current value in its present state would be in the region of E150,000 and on completion would be worth approx E300,000+ (these are conservative estimates).

We have looked at getting a short term loan to finish the work but find the repayments on that option prohibitive. One other option would be to get a small mortgage of approx E50,000 which would enable us to complete the work. Do you think this would be possible and if so how would we go about it, given that at present we are not resident in Ireland and therefore have no income there at present either.

Any help would be appreciated.
 
As long as you have sufficient income to cover your UK mortgage repayments and the new mortgage here you shouldn't have a problem (and lenders will factor in rental income on the Irish property whether or not you decide to let it). The maximum advance for non resident mortgages is 80% but this won't be an issue here.

Sarah

www.rea.ie
 
Many thanks for the reply. Sarah. What we intend to do is finish the house in Ireland and then sell our home in the UK. We intend to return to live in Ireland then.

Perhaps I need to speak to someone and see what my options are. Any recommendations?
 
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