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Commercial/Investment Property

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  • 28-03-2016 9:21pm
    #1
    Patrick15
    Registered Users Posts: 5 ✭


    Hi there,

    Firstly, I am not a Bank of Ireland customer, however having browsed online, it seems this might be the best place to get an answer to my question.

    I am a 30 year old single Irish male who graduated from college last year. I have secured permanent employment in the UK (been living here for the past 7 months) and I'm currently earning £30k annually (before tax, pension contributions etc.) however my salary is due to rise every 6 months that I'm with the company. I privately rent a room in a house which costs me £400 per month (all bills/utilities included) and I could realistically live on £200 (£300 max) per month for food, clothing etc. This leaves me with at least half of my monthly salary to save, invest etc.

    As a result of having this additional money, and also the age that I am now, I've been looking at possibly investing in a property back home in Ireland. I have seen a few relatively decent opportunities (apartments etc.) that interest me as I could possibly lease while I'm here and then move in a couple of years down the line if and when I decide to move home, but I'm unsure of the best route to take. There's also a ground-floor commercial property with an apartment overhead which has caught my interest, but would this mean I require a personal loan, business loan or a mortgage?

    I'm just wondering what options (if any) would be available to me, as I currently have no assets, and my credit history wouldn't be amazing (no debts but no savings) due to studying. I have no issues with saving but really I just want to know what I would need as a starting point to apply for a loan/mortgage etc. and also, what exactly it is I need to apply for.

    Any and all advice would be much appreciated.

    Many thanks,

    Patrick


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    #2
    Bank of Ireland: Evie
    Closed Accounts Posts: 455 ✭✭Bank of Ireland: Evie


    Good Morning Patrick15, 

    Thanks for getting in touch with us here on Boards.ie.

    As there are so many different factors affecting an application, it would be best to speak to one of our advisors. We can arrange a call to you at a time that is convenient if you would like to private message us your name, contact number, and the first line of your address. 

    Thanks, 

    Evie 


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