[Gone to Ireland.]

Looking for a little advice with regards to mortgages.

We have been thinking about moving to Southern Ireland for a while now and will going to view some properties soon. We have a deposit of around 35% - 50% depending upon the actual price of the property we decide upon.

The information I am looking for is on holiday home mortgages / foreign property mortgages so that we can secure a house before we go. Our other option is renting for a while once we decide to move (probably wiser).

Are there any special LTV requirements on 'holiday home' mortgages.

Oblivious this is not going to be a holiday home but our primary residence, however given the situation of the mortgage market and stricter lending requirements it would be much easier for me to get a mortgage now before I move. This is because I have been in well paid employment for 5 years with the same employer and have a mortgage paid back within the last 2 years.
Once we move I will be contracting / self employed for a while so it will take a number of years before we can get established in Ireland and get a mortgage from an Irish bank.

All advice and comments welcome

[DotBomb]

Well theres not much to it. You go down to the tax office and get yourself a PRSI number which is the NI equivalent. Then you just get a big tub of vaseline and prepare to take it up the ass. Seriously.

Some examples:

1. Cars. Not only are the expensive to buy, the annual road tax on the wrong car can be massive. up to 2k per year. check here http://www.irishlink...tax-ireland.htm
2. You got kids going to school? Well each child from primary school needs to buy their workbooks. every year. Costing 200-300 per year per child.
http://www.examiner....oks-157372.html

3. Stay well. cos if you need to go to the doctor, that will be 50E to see him. cha ching. Also private medical is a must in Ireland im afraid. Everyone has either VHI, or quinn insurance. Get a quote for you and your family. Probably 2k per year.

4. Property tax is coming as is water charges next year or so, so dont go thinking theres no rates there. There will be.

5. Road tolls are present, so watch your commute. Could be 5E per day depending on where your going. Where are you going btw?

6. Used to using amazon and many of the online retailers? forget it for ireland. They dont even have post codes.

7. Stamp duty must be paid on all credit cards - around 30 a year.

8. The infrastructure outside dublin is very poor.

9. If you need the fire bridage, they will charge you. can be thousands of pounds. im not kidding.

10. Dentists are mega expensive. You WILL GO NORTH FOR A DENTIST

11. Ditto for opticians.

These are but a few thinigs. In general the cost of everythign is at least 25% hihger than uk, apart from diesel.

The other thing you could do is move to the North, which gets you to a housing market thats crashed 50% already, outside the euro, and everything else is the same as england regarding this stuff(Except the council tax, which is still on the rates system, and is about half english rates). Its a nice place to live- there are lots of english here who say that.

[Gone to Ireland.]

Hi DotBomb,

Thanks for the info. We are looking to move into the country, Longford, Roscommon, Athlone, Mallow. We are flexible on location because I can from home and also do a little contracting.


I suppose our requirements are not too great.

• BROADBAND/3G - must have
  
• Cheap detached house in the country
  
• LAND 1.5 - 5 acres is plenty
  
• Electric
  
• Water (from a well is fine)
  
• Civilization or atlease a shop within 10 miles

I will take a look at the items you pointed out in closer detail. I also need to look at the tax / National insurance? situation in closer detail, also student loan repayment system (or lack of)

This post has been edited by khards: 05 August 2011 - 10:06 AM

[DotBomb]

Are you moving to that part of Ireland for any reason other than mega cheap property? Have you spent time there? How much are you looking to spend? Remember there is plenty of ghost estates around there and mega cheap property. But for a reason. Also remember your sterling has depreciated 30% against euro and that will take the wind out of your sales re purchase. Honestly you would be better looking in the north. There are lots of detached houses with land in the country with good broadband. I live in the country in county antrim. I can be in belfast in 30 minutes, the beautiful north coast in 25 minutes, an international airport in 20 minutes, dublin in 2 hours.

You should seriously consider it. Its like ireland, but run by HMG for the last 80 years as opposed to bunch of cronies.

http://www.propertyn...Road/147457495/

could be bought for under 300GBP easy, and 20 minutes from belfast, 15 from airport, 15 from antrim hospital. right beside one of the best roads on the island of ireland - the M2.

[Gone to Ireland.]

£300k is way out of our price range, we are looking sub £100k.

We haven't spent much time in Ireland just a couple of short visits to Dublin areas.

We are looking for somewhere that is keenly prices and will need some non structural work.

Just a few examples i found quickly skimming through daft.ie without going into specific details, (some of them might not be so great)

http://www.daft.ie/s....daft?id=570395
http://www.daft.ie/s....daft?id=600144
http://www.daft.ie/s....daft?id=597619
http://www.daft.ie/s....daft?id=566528
http://www.daft.ie/s....daft?id=600096
http://www.daft.ie/s....daft?id=597624
http://www.daft.ie/s....daft?id=264728
http://www.daft.ie/s....daft?id=598017

To me from a cost point of view. If I wanted somewhere like this in the UK I would be looking at 175k+Mortgage interest over 25 years so call it £275k. so whilst I understand that it is more expensive to live in Ireland, after factoring in property is it really that more expensive in the long run?

[DotBomb]

Khards,

Im not some northern nutter thats downing the south of ireland for personal reasons. I have good experience on this subject. I grew up in northern ireland, and then lived in england for about 5 years, along with my wife, whos from near carlow. We visit her family there quite alot. I even lived in dublin for a couple of years. I tell you this, you will be much worse off in ireland financially. Do you really think there will be broadband there? If so how good will it be. Im sitting here in NI on BT business broadband, and infinity is in this area. I can feel the difference of it. I work in telecoms. The south telco infrastructure is crap.


Join these sites and ask questions. They are HPC kindred spirits and will give good advice, that in many ways will echo what I am saying.

www.thepropertypin.com
www.daft.ie

Those dwellings are no more than hardfill in the waiting. You can get a greenfield site in the north for around 40k. Self build here is the norm, alot of houses in the country are self built . You could build a quality 4 bed bungalow for about 120k no worries, and there are plenty of builders who would be happy for the work. And it will be much cheaper to live. Nothing would change for you from living in england, bar location. You can keep your cars, drive them over, just needs to go on the dvla ni system. Your kids will stay in the same education system. Your Nat Insurance remains intact and can get access to all social services in NI. I would only say to you to come over and visit the north. I think you will be surprised.

This is quite nice, and in a good part of NI. All in could be built for 150K GBP IMO

http://www.propertyn...Road/147542842/

This post has been edited by DotBomb: 05 August 2011 - 01:16 PM

[Gone to Ireland.]

Thanks for the feedback I really appreciate it.

I have a few days where I plan to take a Ireland exploration trip, it looks like we may plan a visit to the north now.

Just see some reasonably priced houses (thanks for the link to property news)

http://www.propertyn...147624849/Page5
http://www.propertyn...147624849/Page2
http://www.propertyn...147624849/Page1
http://www.propertyn...147624849/Page1 (fire damaged, but seems cheap)

@DotBomb, that site looks very reasonable compared to this postage stamp for £35k http://www.rightmove...y-31072406.html

[Gone to Ireland.]

 doccyboy, on 05 August 2011 - 02:53 PM, said:

Food is brilliant and about 30% cheaper than down south. I wouldn't move down south if they offered ghost houses for nothing. Northern Ireland rocks.

Just our of interest why is food so much more expensive? Is it due to tax? Assuming that you live in the north can you just drive over the border to do your weekly.

[Gone to Ireland.]

Looks like we need a couple of weeks with a camper van to explore everywhere. I am coming around to the idea of getting some contracting work there then exploring different areas whilst I am there.

What's the North like for Electronics and Software work?

I will have to also have to find out about the dodgey area up North, you know the places where there seems to be spontaniuos rioting and street fighting from time to time.

[Ulidia]

 khards, on 06 August 2011 - 11:32 AM, said:

Looks like we need a couple of weeks with a camper van to explore everywhere. I am coming around to the idea of getting some contracting work there then exploring different areas whilst I am there.

What's the North like for Electronics and Software work?

I will have to also have to find out about the dodgey area up North, you know the places where there seems to be spontaniuos rioting and street fighting from time to time.

Khards - I think that Northern Ireland is a great place to live (so long as you have mobility and a reasonable job) and I'll return to live there in due course when I'm slowing down on my career. However, you seem to be thinking about relocating to the island of Ireland (whether Rep of Ireland or Northern Ireland) for the wrong reasons i.e. you seem to be looking for a house and then deciding to live there which is the wrong way around i.e. what you should do is decide where you want to live, weigh up all the pros and cons and then live there for a while before commiting to buying a property.

Furthermore, given the housing market across Ireland, there is no need to rush into buying anything as prices won't be going up in real terms for some considerable time.

[GreenWarwick]

 DotBomb, on 05 August 2011 - 09:33 AM, said:

Well theres not much to it. You go down to the tax office and get yourself a PRSI number which is the NI equivalent. Then you just get a big tub of vaseline and prepare to take it up the ass. Seriously.

Some examples:

1. Cars. Not only are the expensive to buy, the annual road tax on the wrong car can be massive. up to 2k per year. check here http://www.irishlink...tax-ireland.htm
2. You got kids going to school? Well each child from primary school needs to buy their workbooks. every year. Costing 200-300 per year per child.
http://www.examiner....oks-157372.html

3. Stay well. cos if you need to go to the doctor, that will be 50E to see him. cha ching. Also private medical is a must in Ireland im afraid. Everyone has either VHI, or quinn insurance. Get a quote for you and your family. Probably 2k per year.

4. Property tax is coming as is water charges next year or so, so dont go thinking theres no rates there. There will be.

5. Road tolls are present, so watch your commute. Could be 5E per day depending on where your going. Where are you going btw?

6. Used to using amazon and many of the online retailers? forget it for ireland. They dont even have post codes.

7. Stamp duty must be paid on all credit cards - around 30 a year.

8. The infrastructure outside dublin is very poor.

9. If you need the fire bridage, they will charge you. can be thousands of pounds. im not kidding.

10. Dentists are mega expensive. You WILL GO NORTH FOR A DENTIST

11. Ditto for opticians.

These are but a few thinigs. In general the cost of everythign is at least 25% hihger than uk, apart from diesel.

The other thing you could do is move to the North, which gets you to a housing market thats crashed 50% already, outside the euro, and everything else is the same as england regarding this stuff(Except the council tax, which is still on the rates system, and is about half english rates). Its a nice place to live- there are lots of english here who say that.

As a confirmed housing bear currently living in the east of Republic of Ireland, some of what you say is true. But....the bit about Amazon..c'mon mate stop taking the mick. That's either a joke or spectacular ignorance on your part (we do actually have computers down here).Your scaremongering about dentists and opticians is glib also. Infrastructure is reasonably good in the Republic, better than the UK in many ways from my own experience and generally better than NI .Road tolls, though a rip off anywhere, are on a par with UK. Is your post motivated by some political bias, conscious or otherwise?. I certainly do not underestimate the problems in the ROI, most caused by the electorate's own greed in electing corrupt politicians who sold the country out to the property pornsters. My fear is what all this will do to Irish society, which is still however generally very warm and welcoming without the sectarian hangups of the north. I make these points to be helpful not to prove any point, political or otherwise. If you have disposable cash the Republic offers great opportunities now, especially re housing as I believe prices are a probably on a downward tracjectory for many more years

[Gone to Ireland.]

Thanks GreenWarwick,

We are still keen on the South, hopefully traveling over shortly for a short mid week trip.

All I really need to make a living is an Internet connection. Some contract work in software engineering or web-design would be a bonus, but then to be honest I can always do that in the UK or Ireland as I will be away from home doing that anyhow.

I suppose I could make a list like above for the UK, but I won't. It is really helpful to have the above list of costs and other pointers for moving abroad.

I am still not sure about the holiday home mortgage idea? I suppose I had better get phoning a broker as it is a specialized product. I expect I will have to pay the going loan rate of 7.2%