Mortgage for Property in London, UK.

Hi all,

I'm originally from the London and have been living in Ireland for 5+ years.
I intend to return to the UK in 2-3 years.

I am domiciled in Ireland and tax resident here too.

I would like to understand whether there are any reliable and cost-effective approaches to raising a mortgage when tax resident and domiciled in Ireland on a UK property.

I would like to purchase a UK property in the £1m range, I have circa £550k in a combination of equity and cash, my salary is +100kEuro.

Any help would be greatly appreciated,

Thanks.

Do you own any other property that can be put up as security?

Firstly it's extremely unlikely than an Irish bank would lend you the funds. It's difficult to enforce security on a foreign property.
Secondly, the Mortgage Credit Directive imposes restrictions on banks lending to consumers where their currency of income differs from currency of borrowing. It's not impossible however.

Many UK banks offer non resident mortgages. I'm not sure how the MCD impacts where your earnings are in Euro, but if you intend to rent the property this might satisfy them.

Your best bet would be to contact some of the UK banks.

Thank you RedOnion, I really appreciate the time you took to respond.


Best regards,