Buying abroad

[DaDee]

I'm a first time buyer living in a rented city council house but I want to buy a holiday home in Spain rather than buying a house here. I've heard that no bank or mortgage provider will give you a mortgage unless you have property here first.Is this true?

 

[CCOVICH]

Not strictly true, but you will find it very hard. This thread contains some info that might be of use.

Note that you also lose your FTB status here in Ireland once you buy a property anywhere else in the world.

 

[Petal]

Also be careful about buying in Spain, I read this article in the Herald today about all those scams along the coastline and the possibility of 4,500 developments being knocked down as they were built illegally. Lots of them were sold to foreigners which are now at risk of losing everything!