Living abroad - want to buy house in Ireland

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dazzerb

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I am Irish living aboard for the last ten years. If I wanted to buy a house in Ireland would I be able to finance it via an Irish financial institution or would I need to borrow money from where I currently reside and work?

any ideas?

... I am sure I will get a lot you thinking why I might want to do that however I really need a place in Ireland during summer and Christmas for my wife, kids and myself to stay when we travel home.

House would be in Dublin/Wicklow area.

Thanks
 
No clue dazzer.
I'm guessing the banks have become alot more conservative about all this recently.

Also if you live outside the eurozone you need to consider the implications of which currency you borrow in.

eg if you plan on renting out...maybe euros would be best.
Otherwise perhaps in your local currency.
 
I'm not 100% sure about this but I was once told that a bank cannot hold the deeds on a house that is outside certain jurisdiction.

For example, if you wanted to buy a holiday home in Spain, you had to take the mortgage with a Spanish bank - or release the money from an existign mortgage here. An irish bank couldn't hold deeds of Spanish house.
 
that is what I would think (bank and home would need to be in same jurisdiction)

So I guess next step is to contact Irish institutions and see what they say (they may just laugh!)
 
Well try all of them anyway.
I imagine they would expect a low LTV (loan to value)
I believe Irish Life and Permanaent is less exposed to the current property fiasco and possibly might be more flexible...or maybe not!
 
dazzerb said:
that is what I would think (bank and home would need to be in same jurisdiction)

So I guess next step is to contact Irish institutions and see what they say (they may just laugh!)
Click to expand...

I'm guessing that since you want to buy a house for occassional use (summer hols & Christmas) that you probably have a substantial deposit available? Just make sure when approaching banks that you bring as much info as you can from our bank abroad, work status etc. Friends of mine who live here in Ireland bought a house in France and while it was a long process they did get a mortgage (about 60% LTV) and have a lovely holiday home over there.

Good luck.
 
Banks have certain LTV limits for non residents.
It was max 65% a few years ago when I worked in mortgages. I'd probably guess it is even less in the current cliamte.

They also do have other stricter criteria as they cannot do ICB checks etc on you....
 
You can get a mortgage for an Irish property with an Irish lender but as stated above, LTV will be low. You should be able to borrow 75%, provided that you can show evidence of ability to repay this mortgage as well as your commitments in the country where you are living.

www.ferga.com
 
dazzerb said:
I am Irish living aboard for the last ten years. If I wanted to buy a house in Ireland would I be able to finance it via an Irish financial institution or would I need to borrow money from where I currently reside and work?

any ideas?
Click to expand...

are you loaded and keen to catch the falling knife in a rapidly deflating bubble market?

answer = yes - fair play to you.
answer = no - rent something and wait for two years before buying. you'll save yourself a fortune.
 
Robin Banks said:
are you loaded and keen to catch the falling knife in a rapidly deflating bubble market?

answer = yes - fair play to you.
answer = no - rent something and wait for two years before buying. you'll save yourself a fortune.
Click to expand...

am I loaded? - not quite but not doing too badly either. Would not be buying until early 2010 and even though things are distressed at home there are really some bargains and lots of houses that people are dying to get rid of. I would also rent out the house as a holiday home when not being used.

Again- thanks everyone - this is a brilliant forum and I am going to start talking to some irish institutions. I am also i Ireland in July/Aug with my wife and kids so will be checking out some properties then.
 
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