I am aware that a number of the main banks (BOI, AIB, IIB etc) provide Sterling Loans for UK Property purchases. However, is there a benefit of getting a loan through a UK Bank (if it is possible). If so, what are the advantages/disadvantages.
Just got uk loan with chl to buy property in UK .49% over uk base rate will loan up to 85% its by far the best rate . The banks you mentioned are almost 1% higher and will only loan 80%. CHL will charge 1.5% of loan amount which they will put on to the mortgage. I like the UK market its a fairly safe bet
Just had a quick look on the CHL website, it would seem that you have to go through a broker/financial advisor to get a mortgage with them. How was that process? Do you need to have a UK bank account for this?
- surely, your aware that a significant number of buy to lets are not earning any rent, around the Liverpool, Manchester, Bolton region for example ? ... this would cause me concern.
I like the UK market its a fairly safe bet[/quote said:
The UK is still a good bet for Irish investors, but certainly not all of it or indeed most of it; avoid like the plague any of the full colour ads you see in the Irish Sundays promising great things in that market.
If you want to invest in the UK, put your car on the ferry and go there for a couple of weeks and get a feel for the place you are looking at.
When researcing uk property go to right move this will give yo all the information you need regarding rental income in an area. If you need further information then call the letting agents as advertised on right move. Uk is still better for rental income than spain and all other easter european countrys captail growth is no use if the property does no pay for itself
You need a UK bank account this can be set up in Northern Ireland. I found the process of getting the loan with CHL ok no differend to IRELAND just provide all the paperwork requested
This point is highly debateable. Tell that to all the people who sold out in Florida last year after property prices rose 100%+ since 2001, yet who had rental losses in the meantime - likewise in earlier years in Spain.
If the property does not pay for itself, then investors have the option to fund the shortfall, provided they can do so comfortably from theor own regular income and they are confident that it will be worth doing so for the capital gains and an identiable exit strategy out in time.
If you had to make up the shortfall then the property did not go up 100% also in Florida estate agents charge approx 6% for selling your property.I have property there with interest rates at 7% im not so sure if its a good bet anymore at least if you can cover your costs you can afford to wait