Mortgage Woes

DeniseandGeoff

Hi all,
We are planning on moving from Wales to Irelend, we have found the Property and were supposed to view in Feb, but due to work, we could not make this date.

So we are all booked in flights car hire hotels etc for the 18th April and return home on the 21st April.

Right our dilema is that all the UK banks will not give us a mortgage in Ireland and we have been told to try Bank of Ireland and AIB, when we look at the mortgage side of their websites they will not borrow you inless you are resident, it's a catch 22, as soon as we sell our bungalow in Wales we want to make the move, our place in Ireland will be our full time home.

We cannot be the first to try and make the move from Uk to Ireland, so has anyone got any advice how we can sort out this catch 22 situation ?

We are 110% geared up for Ireland, why do the banks us taxpayers helped out, never want to return the favour, it's very frustrating.

Thanks in advance for any replies
Cheers
Dee and Geoff

Slydice

might be better to give a shot at renting for a few months

come over and get settled for a while

then, start looking at the property market on websites such as:
www.daft.ie
www.myhome.ie

then, give it a few months and have a look at how prices are going

while prices are going up in the UK, they are not going up here and may well be going down for a while to come.

if you use firefox, you can see the price history of houses using the property bee: http://www.property-bee.com/

you can also check websites such as: http://www.irishpropertywatch.com/

best of luck!

DeniseandGeoff

Hi Slydice,
Thanks for your reply, we have shortlisted 2 properties that we really like, it's just the mortgage we need to sort. Thanks for the heads up on house prices, we thought they have bottomed out, so fingers crossed they will keep level or start to rise, but we will keep an eye on prices on the websites you suggested.
Cheers
Geoff

not even wrong

Is there some specific reason why you are unable to rent?

Thanks for the heads up on house prices, we thought they have bottomed out, so fingers crossed they will keep level or start to rise

Seriously, have you been following the news out of Ireland at all over the past few years?

DeniseandGeoff

Yes we do know the bottom has fell out of the market, but I thought they had reached as low or near as low as they will go, but you never know. They are starting to creep up little by little around here, so fingers crossed the same will happen in Ireland.

Slydice

DeniseandGeoff wrote: »

Yes we do know the bottom has fell out of the market, but I thought they had reached as low or near as low as they will go, but you never know. They are starting to creep up little by little around here, so fingers crossed the same will happen in Ireland.

maybe you are getting distracted by the house price rises over in the UK as the government there allows inflation to have its way with the english pound.

sounds good that you have looked around and found 2 properties that you like.

fire ahead if you have the money and just plain "have" to have one of them.

sure if you can afford it and don't mind the idea of the house not being worth as much in the future, then what is there to lose?

otherwise, like I said, maybe don't just get caught up in hype (especially listening to glorified salespeople like estate agents) and just rent for a while and see how you feel about the market

DeniseandGeoff

Hi again Slydice,
The reason we don't really wan't to rent, is the reason we are moving is to set up a smallholding to grow our own veg and free range some pigs and chickens, if we could find a place to rent like that it would be ideal.

I have always done my web searches based on buying, so will try looking and see whats on offer on the rental market
Cheers
Geoff

Godge

(1) You can try to get an allotment for growing your own
(2) Prices in the opinion of many (thought not all) have further to fall

On the other hand

(1) Rents have also further to fall when rent allowance is cut in the next budget
(2) Technically, the banks owe you nothing as you were not tax resident in Ireland and were not one of us poor sods who bailed them out (then again the UK has given us a soft loan)

Treehouse72

DeniseandGeoff wrote: »

Hi again Slydice,
The reason we don't really wan't to rent, is the reason we are moving is to set up a smallholding to grow our own veg and free range some pigs and chickens, if we could find a place to rent like that it would be ideal.

I have always done my web searches based on buying, so will try looking and see whats on offer on the rental market
Cheers
Geoff

Hi D&G,

We are in the middle of the biggest property crash in world history here in Ireland at the moment (that is not an exaggeration). The Irish Central Bank - not exactly a bunch of wacky conspiracy theorists - say that property prices are going to fall between 26% and 33% in the next 2 years:

http://www.irishtimes.com/newspaper/finance/2011/0317/1224292404434.html

Some economists here have an even more pessimistic view of how things will go. Buying a property at any time in Ireland before 2013 is like setting money on fire.

If you have money you can afford to lose, then go for it. But if not, you should factor in a 33% drop in the price you pay today minus the money you'd spend on rent instead, to work out how much out of pocket you'll be by buying now. On almost any property in Ireland, that will run into tens of thousands of euros over the next 2+/- years.

djmcr

DeniseandGeoff wrote: »

why do the banks us taxpayers helped out, never want to return the favour, it's very frustrating.

Didn't realise taxpayers in the UK were bailing out our banks now as well, thought this burden fell squarely on the Irish taxpayers shoulders

DeniseandGeoff

Thanks for that info Treehouse72, wow I am suprised at house prices will drop by another 33%, no wonder banks are not keen to sort out a mortgage for us.

So as the clever people on here have already advised, the only sensible option is to rent, for us I suppose the obvious thing to do is to ask one of the 2 properties we like if they will consider renting to us, it's only used as a holiday home, so they may consider it, as people say, if you don't ask you don't get.

Oh and before I forget DJMCR and Godge, I was not saying the UK taxpayers bailed you guys out, just the same situation, us taxpayers did the same in the UK as you guys did in Ireland. How can any head of any company get paid the massive bonuses you here about is beyond me, but thats another can of worms.
Cheers
Geoff and Dee

robd

djmcr wrote: »

Didn't realise taxpayers in the UK were bailing out our banks now as well, thought this burden fell squarely on the Irish taxpayers shoulders

Well firstly they did lend our government a few billion.

Also, RBS (owner of Ulster Bank) and Llyods (owner of BOSI and Halifax) are caught up in the mess.

HM Treasury now owns 85% of RBS and 41% of Llyods as a result of baling them out.

robd

DeniseandGeoff wrote: »

Thanks for that info Treehouse72, wow I am suprised at house prices will drop by another 33%, no wonder banks are not keen to sort out a mortgage for us.

I'm glad it's finally clicked for you. Seriously they're doing you a favour. Rent and build up some old fashioned credit history over the next couple of years, then see where you're at. You'll also need a full time job to meet the more stringent credit criteria so I hope that's in your plans. Self employment isn't really going to cut it at the moment.

djmcr

robd wrote: »

Well firstly they did lend our government a few billion.

And stand to make a tidy sum on it in interest

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/12/little_british_charity_in_iris.html

And who pays the interest and the capital back....

djmcr

robd wrote: »

Also, RBS (owner of Ulster Bank) and Llyods (owner of BOSI and Halifax) are caught up in the mess.

HM Treasury now owns 85% of RBS and 41% of Llyods as a result of baling them out.

And the banks came here for a slice of the action.
Her majesty's banks have a greater chance of repaying the bailouts that they have received from their government, our guys are just swallowing it up