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Mortgage query

  • 18-10-2015 5:49am
    #1
    physioman
    Registered Users Posts: 1,239 ✭✭✭


    Hi my wife and I are from Cavan and were are currently living and working in Kerry (both permanent jobs). We have looked to buy for the last year but haven't been able to find anything we like. Our long term plan is to move home. Recently a house has come up for sale in Cavan near our home houses. We have 30% deposit for it. We are wondering is it possible get a mortgage to buy it presently? We would just continue to rent in Kerry until we find suitable jobs near home.


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Might not be easy, the whole idea of a home loan is that you will live in the property. Kerry to Cavan is not really commutable. Bank might give you an investment type mortgage but the amount you can borrow could be affected too as you will be continuing to pay rent and a mortgage.

    Only way to find out for sure is make an appointment with the banks and see if any can offer what you want.


  • #3
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    Hi Physioman,

    My name is Tara I work for Bank of Ireland.

    We noticed your post and thought we’d give you some information.

    As you’ve said you may be living in Kerry until you find suitable work closer to Cavan, the bank may regard this type of Mortgage as a Buy to Let Mortgage.

    So, even if you’re not a Bank of Ireland customer, here are the three different types of Mortgages you can apply for:
    - Repay Interest and Capital throughout the term of the loan
    - Repay Interest only in the first year (for LTV OVER 50%)
    - Repay Interest only in the first five years (for LTV OVER 50%)
    In general, Investors can borrow up to 70% of the value of the property, this can vary also, Buy to let mortgages can be put over 25 years.

    If you’d like to discuss this further you can see our talk to forum here.

    Thanks,
    Tara C


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