Living in Ireland - Cannot remortgage my UK Property

D

den

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I bought an apartment in the UK in 1998 for £69,000 when I was living there. I took out a morgage for £59,000. Now I am living in Ireland, apartment is now worth £200,000approx and am renting it for £750/month.

I want to remorgage and take £50,000 out of the amount it has appreciated use it to update a house I bought in Ireland.

The Problem: I Contacted the bank I have my morgage with in the UK. They said they will not remorgage as I no longer live in the UK..!!!

How can I remorgage or get the money I want with out selling the apartment in the UK while living in Ireland...?
 
Re: Living in Ireland - Cannot remorgage my UK Property

If this residency rule is not standard across the board then maybe other UK lenders might be more amenable? Or maybe you can remortgage over here? Maybe a broker can assist?
 
Re: Living in Ireland - Cannot remorgage my UK Property

Have you tried any Irish lenders? They might give you a mortgage on the UK property - the risk to them sounds fairly low and it's not a massive loan. Ulster Bank and First Active have the best tracker rates for buy to let mortgages at the moment on loans that small. I would be interested to see how you get on.
 
Re: Living in Ireland - Cannot remorgage my UK Property

A number of irish lenders will remortgage this property for you - IIB, Bank of Ireland, PTSB (via there CHL company) etc
 
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