Mortgage for a foreign property

T

tombenjr2004

Guest
Hi
I am wishing to obtain a small mortgage for a buy to let property in turkey as I currently have no mortgage or debt at the moment and am 27 years old full time employed so what irish banks are giving out mortgages? Like €50000 approx
 
I am open to correction but I know of no bank in Ireland that will lend to buy a property abroad if the only security is the property abroad. Back in the tiger days banks would give you a loan against the security of your property in Ireland to buy abroad, not even then could you borrow and offer the property abroad as security.
 
wbbs said:
I am open to correction but I know of no bank in Ireland that will lend to buy a property abroad if the only security is the property abroad. Back in the tiger days banks would give you a loan against the security of your property in Ireland to buy abroad, not even then could you borrow and offer the property abroad as security.
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So if my parent use there house (no mortgage on it) as guarantor then I would get a mortgage then? As house at home is about 3.75 times more than value of turkey property
 
Not necessarily and no way would I encourage them to do that. Number one criteria is always ability to repay so your income comes into it, second is the security. I have a 27 yr old and I know what I would say to them if they suggested I put up my hard earned property as security for a investment property in Turkey!
 
What would happen to your parent's house if you stopped paying the mortgage - their house would be at risk.

Angela59
 
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