When buying an overseas property should you get your mortgage at home or abroad?
One, you could get equity release on your current Irish ... mortgage i.e. borrow money through your existing mortgage. Depending on your lender you could borrow up to 90% of your current mortgage.
Your second option is to seek a mortgage locally (i.e. Ireland!) for your overseas property. However, this is easier said than done. Many banks limit the countries they provide mortgages for as they want to ensure that they can repossess your dream property if your payments fall though! Some Irish Banks will not lend for properties outside the EU.
Last, but not least, you could hunt and get a mortgage locally in the country where you want to buy. Considerations & pitfalls of this are: each country will have its own rules regarding mortgages, so our advice is study up and know what you are getting. Also unless you are fluent in the language it is essential that you get an accurate translation of all documents - and don't forget to factor in & budget the extra costs that this might add up, i.e. Solicitor & legal fees, translations etc.
