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.
 

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
 
You must log in or register to reply here.
Menu
Log in
Register