borrow 20k in budapest

R

rodger

Guest
Hi

I have a property in Budapest and am planning to buy a second (off plan)

I can borrow 20k here in Ireland and need to borrow the remaining 20k

I have tried several avenues in Budapest but to no avail.
It would be preferable to have the loan in Budapest since that
is where the rental income is.

I tried to borrow as a company which was refused
and then as an individual which was also refused since I
don't reside in Hungary and do not have a Hungarian ID.

Has anyone any suggestions? The developer has tried to get me
a loan also but to no avail.

Regards
 
rodger said:
It would be preferable to have the loan in Budapest since that is where the rental income is.
Click to expand...
Can you explain why this is so in more detail please?

The developer has tried to get me a loan also but to no avail.
Click to expand...
Don't expect independent, professional financial advice from somebody with a vested interest in selling you something!
 
Is it impossible for you to get the loan in Ireland? Interest rates in Hungary are quite high for foreign borrowings. Irish interest rates are low.
 
ClubMan said:
Can you explain why this is so in more detail please?

I say this because I can use the rental income "locally" in Budapest
to repay the loan. The alternative would be to incur transfer fees plus
foreign exchange costs to repay a loan in Ireland.

Another small advantage is that a mortgage in Hungary would mean
the lender would establish the "bona fides" of the legal title.
Click to expand...
 
I wouldn't transfer funds in a situation like this as it costs way too much. Just make sure to get a Cirrus card with your Hungarian bank account and you'll be able to use it at Irish ATMs to withdraw money every few months as Euro, typically with an okay exchange rate.
 
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