Foreign Property

aido123

Hi all,
i am thinking of buying a holiday home in Europe somewhere. I am wondering what kind of financial options could i consider. I have a VERY small deposit (5k) but i have a good income - could one get a mortgage/loan for something like this?

Anyone been in a similar position?

Carpenter

Yes i was and turkey is where i bought
1500 sq feet 100k pm me and i will let you know the story (best thing i ever did to)

Victor

Carpenter wrote:

Yes i was and turkey is where i bought
1500 sq feet 100k pm me and i will let you know the story (best thing i ever did to)

If it sounds too good to be true, it probably is.

Supercell

Carpenter wrote:

Yes i was and turkey is where i bought
1500 sq feet 100k pm me and i will let you know the story (best thing i ever did to)

Carpenter how did you get a mortgage for the foreign property?
Thought that Irish banks would be very reluctant to give loans for such an investment if you dont have it secured against another property here?

I was toying with the idea of buying a house to retire to in the Alps myself which would cost a fraction of a house here and wouldn't have to worry about paying rent, but gave up on the idea as friends advised the banks wouldn't consider loaning to me given I don't have property here to secure it against.