Joint mortgage for property in London

My brother lives in London. Over Christmas we were discussing buying a place in London together - 2 bed apartment probably. My question is can we get a joint mortgage although resident in different countries? Should we approach irish or uk banks? Or get separate mortgages?

brid1977 said:

My brother lives in London. Over Christmas we were discussing buying a place in London together - 2 bed apartment probably. My question is can we get a joint mortgage although resident in different countries? Should we approach irish or uk banks? Or get separate mortgages?

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You have two options:
1) Release equity in Ireland to purchase.
2) Get financing from a bank in UK.

Considering that it is a sterling based investment, in order to reduce currency risk it may be in your interest to have a sterling mortgage. Additionally an added benefit of investing in the UK is that the government can still to a certain level control interest rates in times of uncertainty whereas Ireland is subject to changes in ECB rates.

Lenders who will lend to Southern Irish residents on UK property are:

CHL
Bank of Scotland
Leeds B Soc
West Brom (owned by Bank of Ireland I think)

If you find any others please let me know.
CHL normally have best rates on btl but are painful to deal with.

A bunch of guys I used to work with at Charcols are at kingswaymortgages.co.uk - I've no tie with them other than knowing they are professional and friendly! Ask for Paul Stitt, Mark Gordon, Charles Forster or James Perkins if you want to talk to the boss.....

Sarah

www.mortgagesoverseas.com