Remortgage for UK investment property

H

Homelet

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I have a sterling mortgage with a UK bank on an investment property in the UK. The mortgage rate has jumped by 1% because of the recent crisis there.

I am now looking to move this mortgage and was wondering if any Irish banks issue euro mortgages for UK assets.

I know that IIB only issue sterling mortgages (at 7+%).
 
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Hi the only other one I know of are CHL who will lend to Southern Ireland in Sterling-80% LTV from Ireland operation or 85% if you deal with UK office.
 
Homelet said:
I have a sterling mortgage with a UK bank on an investment property in the UK.
I am now looking to move this mortgage and was wondering if any Irish banks issue euro mortgages for UK assets.
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You would need to be very careful about having to pay a euro mortgage with a stg property (if you even find a bank here to do it). You will leave yourself open to currency fluctuations: if they moved the wrong way you could end up with your stg rental income not being enough to cover your eur mortgage payments (and same issue if you had to sell the house).

plus you will have to transfer your stg rental income to your irish acc to service the mortgage, incurring bank transfer & foreign exchange charges.
 
webtax said:
You would need to be very careful about having to pay a euro mortgage with a stg property (if you even find a bank here to do it). You will leave yourself open to currency fluctuations: if they moved the wrong way you could end up with your stg rental income not being enough to cover your eur mortgage payments (and same issue if you had to sell the house).

plus you will have to transfer your stg rental income to your irish acc to service the mortgage, incurring bank transfer & foreign exchange charges.
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I've done it. Have a UBL ROI mortgage on a UK property. Get tax relief and lesser interest charge. Tracker rate at .65% above ECB rate. Strongly advise but only do the forex when Euro strong. Now is the Best time - over €20k UBL will give you a money market rate and they are quick. I don't work for them but the bigger banks shy away from these type of requests.
 
MichaelDes said:
I've done it. Have a UBL ROI mortgage on a UK property. Get tax relief and lesser interest charge. Tracker rate at .65% above ECB rate. Strongly advise but only do the forex when Euro strong. Now is the Best time - over €20k UBL will give you a money market rate and they are quick. I don't work for them but the bigger banks shy away from these type of requests.
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what charges do you incur when transferring the uk rental income into eur?
 
Michael Des - "I've done it. Have a UBL ROI mortgage on a UK property"

Michael, how did you manage to do that? i.e. to get a Euro mortgage on a UK property with no security taken on an Irish asset?

The reason I ask is that this is not generally available from Irish banks ...
 
Ya - I'm curiou about that one too.

also - what was the max LTV they would offer?
Also - how does this affect remortgaging?
 
The asset itself secured it, as I only needed a 60% LTV -I do not patriate the stg into euros but use the stg for stg investments and subsidise the euro mortgage through other euro ventures. How I got it - I negotiated with them very kindly and they accepted the prospect based on my income stream etc.
 
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