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Looking for a mortgage,but working abroad.

  • 07-09-2009 9:54am
    #1
    holly1
    Closed Accounts Posts: 10,700 ✭✭✭✭


    Im just wondering is it possible to get a mortgage to bye a house in Ireland while working in another country.
    My son is working abroad but still has a bank account which is paying off his car every month(only a month left on the car).He also has 20k saved in his bank abroad.Has he any chance.:confused:


Comments

  • #2
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    I dont think he would be able. The problem would be that he is in another county so if he stop's paying the mortgage its harder for them to recover the money.

    Is he coming back to stay in Ireland for good or will he be still living abroad?


  • #3
    holly1
    Closed Accounts Posts: 10,700 ✭✭✭✭holly1


    No he is staying abroad,but he wants to give me power of attorney,would that make any difference,or is there any way around it.


  • #4
    patbrady877
    Closed Accounts Posts: 46 ✭patbrady877


    Tell the bank that he plans to come back in the next year or two - when the job suitation in Ireland stableizes - its your best chance


  • #5
    BankMan
    Closed Accounts Posts: 143 ✭✭BankMan


    holly1 wrote: »
    Im just wondering is it possible to get a mortgage to bye a house in Ireland while working in another country.
    My son is working abroad but still has a bank account which is paying off his car every month(only a month left on the car).He also has 20k saved in his bank abroad.Has he any chance.:confused:

    Not at all possible I'm afraid. Lenders wont be interested in lending to somebody living abroad.


  • #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    BankMan wrote: »
    Not at all possible I'm afraid. Lenders wont be interested in lending to somebody living abroad.

    That's not correct.

    A number of factors have to be considered

    - The currency the person is paid in.
    - Repayment capacity.
    - Any existing commitments in terms of financial or otherwise
    - Credit worthness
    - The value of security involved / provided (in this case the loan would be secured by a house)

    OP your son wouldn't be the first person to want to buy a house in their own country whilst living abroad.

    I admit it would be a little more difficult but not impossible to obtain a mortgage.


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  • #7
    BankMan
    Closed Accounts Posts: 143 ✭✭BankMan


    stepbar wrote: »
    That's not correct.

    A number of factors have to be considered

    - The currency the person is paid in.
    - Repayment capacity.
    - Any existing commitments in terms of financial or otherwise
    - Credit worthness
    - The value of security involved / provided (in this case the loan would be secured by a house)

    OP your son wouldn't be the first person to want to buy a house in their own country whilst living abroad.

    I admit it would be a little more difficult but not impossible to obtain a mortgage.

    Best of luck with it so, wouldn't touch it myself.


  • #8
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    BankMan wrote: »
    Best of luck with it so, wouldn't touch it myself.

    And for what reasons?


  • #9
    BankMan
    Closed Accounts Posts: 143 ✭✭BankMan


    I'm not in a position to discuss it further.

    I've given my opinion, you've given yours. Best of luck to the OP, and I hope it works out.


  • #10
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    BankMan wrote: »
    I'm not in a position to discuss it further.

    I find that strange to say the least.........


  • #11
    Gordon
    Registered Users, Registered Users 2 Posts: 35,524 ✭✭✭✭Gordon


    BankMan wrote: »
    I'm not in a position to discuss it further.
    That's a shame.


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  • #12
    BankMan
    Closed Accounts Posts: 143 ✭✭BankMan


    stepbar wrote: »
    I find that strange to say the least.........


    Good for you.


  • #13
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    BankMan wrote: »
    Good for you.

    Mmmm :confused: :rolleyes:


  • #14
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    stepbar wrote: »
    That's not correct.

    A number of factors have to be considered

    - The currency the person is paid in.
    - Repayment capacity.
    - Any existing commitments in terms of financial or otherwise
    - Credit worthness
    - The value of security involved / provided (in this case the loan would be secured by a house)

    OP your son wouldn't be the first person to want to buy a house in their own country whilst living abroad.

    I admit it would be a little more difficult but not impossible to obtain a mortgage.

    It is possible to buy when living abroad. As well as the issues mentioned above, your son would need to have a hefty deposit to put down. Maximum loan is likely to be 70 - 75% of purchase price.


  • #15
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    holly1 wrote: »
    No he is staying abroad,but he wants to give me power of attorney,would that make any difference,or is there any way around it.

    It certainly would quicken up the process (mortgage and legals) and avoid a suitation where every decision needs his signature. Once he's signed over power of attorney, I'd imagine that you have the power to do what ever you like!


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