Mortgaging ahead of property purchase

Mortgaging ahead of property purchase abroad

I have looked at some properties abroad with a view to purchase. The average type of price I am looking at remortgaging is €120000.

My question is will the bank allow a remortgage if I do not have a firm property in mind abroad? And what follow - up documentation would they require when I do purchase the property? If deals fall through, etc and I move on to look another property are the Bank too concerned what's beem done with the money as long as the repayments are being met?

Pexus, thanks for the reply.

I have remortgaged with the bank before so I just needed my pay slips in that regard.

However, your last point in relation to the valuation report is exactly the issue I was enquirying about. I do not have any specific property in mind - I know the figure which I require to buy in the area and basically want, if you like, a pre-approved mortgage to purchase the property. Colleagues of mine have purchased abroad but were not asked by the bank they were with to furnish details on the property - they remortgaged and then using the cash they had took their time in looking for the best property. As they had the cash lodged in their bank a/c they were able to make a quick purchase.

It's a valuation of your home that's required - not the one you are buying abroad. As long as you have sufficient income and equity there shouldn't be a problem with raising funds to buy another property. Do shop around though as a number of lenders are offering fees free remortgages.

Sarah

www.rea.ie