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Property Purchase in Ireland (Unreasonable Criteria!)

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  • Property Purchase in Ireland (Unreasonable Criteria!)

    Hi,

    I'm really hoping somebody here and help shed some light on the problem I am having and either point me in the direction of a mortgage expert somebody that can help me!

    I am basically trying to buy a property in Ireland (Rep of) as I have a son over there (myself and his mother have split) and I am in the UK. I have enough for a deposit (about 20%) for the property I want, which is just a nice 2 bed house close to my son, I will probably eventually move back over there full time, but for now it would be like a holiday home for when I visit him.

    However, the problem I am having is the property is valued and selling for €72,000 and I have been told that the property needs to be €125,000 minimum otherwise I can't get a mortgage or buy it. Now... correct me if I am wrong, but should it not be easier to get a mortgage (on my own) for a smaller amount of money than a bigger one, as my salary alone would probably not get me a €125,000 mortgage anyway. AND... is this not the reason we are in a recession, people lending above their means? Its a really really stupid rule, there must be somebody out there they will give me a mortgage for this? Whatever about the brokers wanting their little 1%, just because they getting £500 or opposed to £1000 for their effort! As mentioned, its a recession, I know I would prefer to see somebody in their home with £500 in my pocket as to £0 in my pocket?

    Can anybody shed some light on this please, its getting me so vexed at this stupid rule!
    This is the house that I really want, but being told I am not allowed to buy it!
    I have tried my bank, but they said they wont do overseas loans.

    Thanks,
    DG.

  • #2
    Re: Property Purchase in Ireland (Unreasonable Criteria!)

    I'm no expert but I would suggest you contact a mortgage advisor in the south, they should be able to help you out. Agree with you it does sound a bit odd.
    Northern Ireland Property

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    • #3
      Re: Property Purchase in Ireland (Unreasonable Criteria!)

      Forgot to say, if you have no luck there try posting on The Property Pin • thepropertypin.com, there are a good few there that could give you advice.
      Northern Ireland Property

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