Non-resident mortgage

C

corkgirl

Guest
Wondering can any of you financial gurus out there help?
We have a property overseas where we currently live. We are paying an outrageous interest rate of 9.5% - which is the cheapest we could possibly get. We are looking to buy a site at home. Do you think it’s possible or even advisable to combine our existing mortgage here, with a new mortgage at home (for a site)? Would the banks go for it – seeing as we are non-resident?
Even with the currency exchange here (US) and the rising interest rates at home there is no way the interest rates could rise by that much? Is there?
Thanks.
 
Are you planning on just purchasing the site for the time being or do you intend to start building?

If you build a house chances are that it will be worth more than the cost of construction and the site purchase. You may then be able to release equity to repay your mortgage in the US (not sure if overseas residents can qualify for equity releases).

This would be a lengthy process however and may be more hassle than its worth. Bear in mind also that because you are non-residents you will probably have to raise a larger deposit than if you were living here in Ireland.
 
No we wouldn't be planning on building on the site straight away. Its more of a bit of security. I know they would look for 20% for nonresidents. I dont understand why its straight out not possible (Joe) They will give a mortgage to non-residents. The will give mortgages for overseas property. We have a lot of equity built up on the house here.
I can't see why they wouldnt go for it?
 
Hello,

I don't have any information about combining your US mortgage into the Irish one. But I posed a similar question before about getting a mortgage on a site in Ireland while still living in the US. What I found out about that is:
1) You will be obtaining a non-residential or holiday home mortgage so are viewed as investor.
2)Will need 15-20% downpayment
3)Ability to pay will be based on US earnings and because you will still be living there it will be persumed you will be renting your future Irish house out so they can take that into account when determining how much you can borrow.
4) you will only get a mortgage on a site if it has full planning permission
5) Interst rate will be usually .25 or .5% higher than the normal Irish rate due to it being seen as an investment.

If you would like I can send you a private message regarding the mortgage companies that I found helpful as I am not sure if I am allowed post them on this thread. Best of luck.
 
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