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Older Couple applying for a mortgage

  • 27-07-2018 10:31am
    #1
    clafouti
    Registered Users Posts: 11 ✭


    Hi,



    My parents live a broad and are self-employed.



    They're looking to buy a small place in Ireland for when they retire in a couple of years.

    They own their current house and want to get a mortgage on it in order to buy the house in Ireland.

    They're 71 and 68 respectively, still earning and the bank abroad doesn't seem able to help them.



    Does anyone have any experience like this? Would an Irish bank give a mortgage on a foreign house to buy an Irish one?





    Thanks for any help


Comments

  • #2
    dennyk
    Registered Users, Registered Users 2 Posts: 1,715 ✭✭✭dennyk


    I doubt any bank would issue a traditional mortgage to someone over retirement age, and no bank is going to issue an equity loan secured by real property in another country because of the expense and difficulty (or impossibility, depending on the country) of taking possession of said property in the event of a default. If they can't get some sort of equity-based loan from a bank in their current country of residence, they'll most likely have to sell their current place first and buy something in Ireland with the cash afterwards.


  • #3
    clafouti
    Registered Users Posts: 11 ✭clafouti


    Thanks Dennyk - that's very helpful


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