Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Buying a property while living abroad?

Options
  • 19-04-2015 10:27am
    #1
    Shelga
    Registered Users Posts: 3,013 ✭✭✭


    Hi all, currently living in England and thinking about getting a mortgage in the next year or two. However, buying here really doesn't appeal- don't feel settled long term.

    How would one go about buying a place in Dublin while living abroad? My thoughts are that I could discuss it with my parents, who could look after it (if they were willing) and view it as a sort of investment/nest egg that I could return to in a few years. Dublin is where my heart is but the jobs just aren't there for me.

    What is the stance on buy-to-let properties? I know here in England you have to have 30% equity before you can legally let it out. Having difficulty finding out if anything similar exists at home.

    It's probably a totally stupid idea- banks aren't going to give a mortgage to someone not resident in Ireland! :P And if it involved my parents taking any sort of financial risk I wouldn't do that either. I suppose the only way would be to have the mortgage in my parents' name and me assume responsibility for it? :eek: Wouldn't ask that of them.

    I don't wish to be some greedy property fool- Dublin is just the only place I see being tied to in some way for the rest of my life and in that sense a mortgage there is appealing. Any replies appreciated, thanks!


Comments

  • Options
    #2
    NIMAN
    Registered Users Posts: 33,637 ✭✭✭✭NIMAN


    Simple answer would be wait until you are ready to come home, then buy a property.

    What you are proposing just sounds like hassle to me!


  • Options
    #3
    Arbiter of Good Taste
    Registered Users Posts: 2,200 ✭✭✭Arbiter of Good Taste


    Practically how would it work? Are you going to travel over regularly to look at houses or are you going to trust the word of another person? How are you going to del with signing documents? Again will you be travelling over or will you grant a power of attorney to someone?

    There's a lot more to consider in addition to the mortgage. IF it was me I'd wait until I was living back here.


  • Options
    #4
    David900
    Registered Users Posts: 431 ✭✭David900


    This can be done through an Irish bank.
    If I'm not mistaken, it would be similar to a BTL mortgage in that they would provide you with 70% of the value due to you working abroad.

    I presume the lower LTV is to provide some cushion for exchange rate movements etc.

    Best thing to do is call one of the banks and ask. Most of the banks have a mortgage line that opens to around 9 mid-week.


Advertisement