Can one get a mortgage living abroad?

dare2dream

Hi,
We live in Boston (from Galway) and we are looking to move home in the next year or so.
We have recently found a house in Galway that we would love to buy, we realize we are considered investors and will have to put 25% down as we were going to do this a few years ago and it seemed to be no problem.
Now we are having a hard time finding any bank to lend to us - they are saying we need to be living there and have jobs, I can understand this but at the moment we have two good jobs and can afford to pay back a mortgage.
Has anyone any referrals on who can help us - mortgage broker/bank?
Has anyone living abroad got a mortgage to buy in Ireland?
I appreciate any help.
Dolores

Dr. Dodger

Well you can see the Bank's point of view here. If you're going to move home, what guarantee is there that you have jobs in Ireland? Doesn't matter what you do in Boston unless you're transferring within a company or something but even then they'd want assurances.

If you look back a few years when Irish were Investing in property abroad, they got mortgages from here but they were still living in Ireland.

Don't really see how you can get a mortgage for here, while living in the U.S. with plans to move back shortly. Think one has to come before the other to be realistic.

dare2dream

I do certainly understand the point of view from the bank - but people have done it before - it's just has anyone done it recently.
I appreciate any referrals.

Dr. Dodger

People have bought before from abroad, but while not many of them have happened in the past few years, most of them who would've done it, probably had jobs lined up here.

So the question is, have you got jobs lined up here. I don't think the bank are gonna care too much about what you're doing in the U.S. if you're moving home, that's all I'm saying.

Also, just to note, people here such as myself, can give advice, referrals, you really are better off picking up a phone and calling the bank yourself. Every situation is different.

dare2dream

I just thought I would find out if people have done it and I am also calling banks and brokers but as the board is for sharing information some people may have found their broker to be creative in helping them get financing be it at home or abroad and may want to share that- isn't that what the forum is for.

tenchi-fan

Irish permanent International used to specialise in mortgages like this but they are no longer trading.

You could always try to take out a USD loan from a US bank.

I think you have next to no chance of getting a mortgage with an Irish bank.

dare2dream

I have thought about that but haven't approached it yet - what is a USD loan may I ask?

Dr. Dodger

Absolutely, only trying to help. Anyway, I would give you a contact but don't think they're gonna be much help if you're looking in Galway, probably better off talking to someone from there.

US Dollar Loan

dare2dream

Hello,
I realize this thread is old, but wondering if you ever got to purchase your home?
We are looking to do this also.
Thanks for any info.
Dolores