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Buying House Abroad

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  • 09-05-2004 9:26pm
    #1
    RuggieBear
    Registered Users Posts: 17,958 ✭✭✭✭


    Is it possible to buy a house in England with an Irish mortgage? Mainly to avail of the cheaper interest rates here....

    Have given up hope of ever being able to afford a home in Dublin:mad: and am thinking of moving to england when i finish my studies...My girlie lives in Liverpool, so we were thinking of maybe buying a house there. I was thinking of buying now but i'm a total n00bie when its comes to money and finance in general, so i was wondering if it is possible or will the banks laugh in my face till i scurry out the door....?:)


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    #2
    spongebob
    Closed Accounts Posts: 6,143 ✭✭✭spongebob


    Yes, but as you have no irish asset to secure the Irish mortgage on it will be dodgy and your choices will be limited . Liverpool has some awful areas so you need to calculate this carefully. Houses in the North of England can be very cheap for a very good reason .

    Talk to a mortgage broker I'd say.

    M


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    #3
    silverside
    Registered Users Posts: 1,372 ✭✭✭silverside


    You would have to get an english mortgage unless you already have a house here you can borrow against.

    I would advise you to wait 2 or 3 years until you are working and know where you want to live. Many leading economists are forecasting another property crash in the UK soon.


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    #4
    RuggieBear
    Registered Users Posts: 17,958 ✭✭✭✭RuggieBear


    Thanks guys,

    My father would be willing to act as my guarantor (sp!!) and he has lots of property. Would that change anything? My girlfriend would co-own it and she has a good job as an accountant.

    She lives in the area we are thinking of buying in (Wirral)...and knows the good areas from the bad....

    I suppose i just see it as a chance to get on the property ladder and all going well make some money...although i wouldn't be living in it for the next 2years...and if/when i get a job in England i would have either a place to live in or at least somewhere to sell on if work took me elsewhere....


    Thinking about a 2/3 bedroom house/apt in the region of 150k euro....which i figure would be just under 800 a month repayment wise. we can both actaully individually afford this at the moment but paying together would allow us to both have the extravigant lifestyles we are accustomed to...:D

    Wishful thinking....!!!????

    p


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    #5
    halkar
    Registered Users Posts: 1,256 ✭✭✭halkar


    Originally posted by pekelly
    ...
    Wishful thinking....!!!????

    p

    Sure Wishful thinking, if things doesn't work out with your GF then you will be in total mess :p think of the other side of the coin too before you rush.
    All the best :)


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    #6
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Don't forget the currency risk & complications. If you have a Irish EUR mortgage on a UK property, you will be paying an awful lot of foreign exchange commission everytime you convert funds in either direction. Also, you will be exposed to currency fluctuations. If sterling drops, your income will drop but your mortgage repayments will remain the same.

    Best to keep mortgage & property in same currency if at all possible.


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    #7
    RuggieBear
    Registered Users Posts: 17,958 ✭✭✭✭RuggieBear


    Cheers Halker and RainyDay!

    Halker....i know all about that one alright....parents had a particularly awkward divorce....:eek:

    RainyDay....you are probably right....but i thought once i had the mortgage there would be no currency fluctuations on the repayments....altho the overall price of the house would go up or down depending on the exchange rate. Have i got that right?!?

    p


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    #8
    Bluehair
    Registered Users Posts: 1,336 ✭✭✭Bluehair


    Originally posted by pekelly
    but i thought once i had the mortgage there would be no currency fluctuations on the repayments....altho the overall price of the house would go up or down depending on the exchange rate. Have i got that right?!?

    p

    Well if your income is in Ireland then yes but once you move to the U.K. then you're exposed to the exchange rate for your repayments too (and as Rainyday mentions the exchange commission/fee each time too).


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    #9
    Specky
    Closed Accounts Posts: 914 ✭✭✭Specky


    Liverpool has some awful areas

    Hey! So does Dublin! There are worse places in the UK.

    Merseyside, the Wirral, Cheshire, Lancashire, North Wales and Greater Manchester cover a huge area, all within commuting distance of the city of Liverpool (remember that unlike Ireland the uk does have a reasonable road and rail network). Just like when buying a house anywhere in the world location is important but don't let petty prejudices and heresay put you off, find out for yourself.


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    #10
    RuggieBear
    Registered Users Posts: 17,958 ✭✭✭✭RuggieBear


    Originally posted by Specky
    Hey! So does Dublin! There are worse places in the UK.

    Merseyside, the Wirral, Cheshire, Lancashire, North Wales and Greater Manchester cover a huge area, all within commuting distance of the city of Liverpool (remember that unlike Ireland the uk does have a reasonable road and rail network). Just like when buying a house anywhere in the world location is important but don't let petty prejudices and heresay put you off, find out for yourself.

    That's what i was thinking....over 20million people live within an hour's drive from Liverpool (heard that somewhere!!!). Besides Manchester is only 40mins away by train from Lime St...

    P


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