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Mortgages and Moving abroad.

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  • 29-08-2011 8:58am
    #1
    Real_World?
    Registered Users Posts: 39 ✭


    Come early next year I'm heading to Australia. Currently have a mortgage with BOI on a 2 bed Apt in Dublin.

    I think I could get 1100 per month rent for the place but it won't cover the mortgage.

    What is the consequences of the mortgage falling short.

    If I wanted to buy a property in Australia would my credit rating in Ireland affect it. Can the BOI come after me in Australia for the outstanding debt.

    Thanks


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Real_World? wrote: »
    Come early next year I'm heading to Australia. Currently have a mortgage with BOI on a 2 bed Apt in Dublin.

    I think I could get 1100 per month rent for the place but it won't cover the mortgage.

    What is the consequences of the mortgage falling short.

    If I wanted to buy a property in Australia would my credit rating in Ireland affect it. Can the BOI come after me in Australia for the outstanding debt.

    Thanks

    The consequences of you not paying you rmortgage fully means your mortgage will be in arrears, so the bank would be within their rights to commence procedings against you ad ultimatly re possess your house. Leaving you to pay any capital shortfall.

    You would be better off paying the monthly shortfall from your Australian income.

    Falling into arrears affects your credit rating and i would imagine that this will follow you to Australia.


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