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Advice on investment mortgage

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Advice on investment mortgage

Postby Katherine Moss » Thu Jan 24, 2013 1:07 am

Hi all,

My husband and I live in the Middle East, we are both Irish and are now looking to buy an investment property in Ireland.
We do not want to buy to let as we would be living there for a 3-4 months every year, possibly more. So it would be a sort of holiday home.
Neither of us have owned property before so this is all new to us, I inquired with BofI and they are looking for 35% deposit. We would only be in a position to put down about 25% on a house costing about 250k.
Could someone please advise what other banks are lending to the likes of us, and also what are the tax implications? We are both non-resident?
We have no outstanding debts or loans and only left Ireland two years ago so the banks should still be able to see our credit history.

Thanks in advance.
Katherine Moss
 
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Joined: Mon Jan 21, 2013 3:16 am

Re: Advice on investment mortgage

Postby Chris Klein » Sat Jan 26, 2013 3:19 am

If there is no rent there is no tax implication. I presume you have been keeping abreast of the property tax, and the current NPPR etc.

Do you really really think you will use it 3 to 4 months of the year. How will it be cared for when unoccupied? I presum you mean by investment that prices are low now and you are hoping for capital appreciation. Without discussing house prices (which are banned) you just need to confirm this is your thinking.
Chris Klein
 
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Joined: Fri Jan 25, 2013 2:31 am


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