Moving home- would we get a mortgage?

[movingback17]

Long time lurker, first time poster.

My family and I are considering moving back to Ireland next year.
We currently own a rental property in Dublin, the rental income covers the mortgage. It's a small 1-bed apartment. We supplement to cover LPT, rental taxes etc.
We also have a property in rural Ireland which is fully paid for.

We are interested in buying a family home in a city where average prices are approx. 500k for a 3/4 bed houses. If we have 400k cash, would any bank be willing to lend us 100k-130k in order to bring us over the line?
Our intentions are to put the rural house up for sale but it could take a while!

Thanks for reading.

 

[rob oyle]

What would be your source of income to pay the mortgage? Bridging finance isn't really available any more.

 

[movingback17]

We would have verified rental income from a property abroad, approx. 30k net.

 

[Max Johnson]

I have a similar situation to yours, without the foreign property income.
AIB will give me a buy-to-let mortgage ( 30% down at 4.8% ) for a home I want to return from the US to live in.

They didn't seem interested in the fact that I would be living there so much as that it would be a second property there.

Any home that is not your sole property and primary residence is not something EBS would even discuss with me.

I'd have thought that with an LTV of 20%, you'd be a shoo-in.
But it might be best to approach it as an investment buy/holiday home and then reapply when your country sale goes through and you have re-established employment in Ireland.

I am not an expert

 

[movingback17]

Max Johnson, thank you for your reply.
Did AIB ask you about your current source of income? The buy-to-let issue is not a deal breaker for us, we would gladly take that. We are just afraid that we might not be eligible for a mortgage in Ireland because our source of income is currently outside the country(until we start working in Ireland, of course).

Did you work with a broker or approach all banks individually?

If anybody else has some helpful advice, we would appreciate it.