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Homeowner loan for non-resident?

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  • 30-05-2018 4:48pm
    #1
    saoirsec
    Registered Users Posts: 1 ✭


    Hello! I'm an Irish citizen living in the UK and would like to borrow against my (owned outright) home in Kilkenny in order to renovate it and rent it out. So far it seems the answer is that it's not possible, and even if it was, I have to be a millionaire in order to be eligible because the UK doesn't use the Euro?? Are there any options for me?


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    #2
    antoinolachtnai
    Registered Users Posts: 9,792 ✭✭✭antoinolachtnai


    saoirsec wrote: »
    Hello! I'm an Irish citizen living in the UK and would like to borrow against my (owned outright) home in Kilkenny in order to renovate it and rent it out. So far it seems the answer is that it's not possible, and even if it was, I have to be a millionaire in order to be eligible because the UK doesn't use the Euro?? Are there any options for me?

    Can you borrow the money in the UK? The banks are going to be reluctant to lend to you for your rental project because they don’t know you and you don’t live here. Even if you lived here they would be reluctant unless you had experience in this sort of transaction. On the other hand UK banks are unlikely to accept a house in Ireland as collateral

    If the area is in demand, the local authority just might be willing to finance it and do the work in conjunction with an approved housing body and then let it to one of their own tenants in need of housing.


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