Mortgage likelihood.

greggo

Hi all
I work abroad in a cash in hand job for the last 4 years. In this time I have steadily been sending home my savings to my Irish account. I have now sved over 100,000 euro. A house has become available for 150,000 euro in Dublin and I would be looking at asking my bank for a mortgage of 50,000 euro.is it possible to get a mortgage from abroad with the savings I have even though I have no proof of income, only my credit history of steady savings.

drunkmonkey

I'm not 100% but you could be reported for money laundering approaching a bank with that much money and no proof of how it came about. Trying to turn the cash into an asset would set off alarm bells.
They would want proof of income to advance you 50.

areyawell

Tell the truth you are trying to get the drug money home;). Follow Walter Whites lead and tell them you won it in a casino. Can you cook me some blue Meth when your home?

On a more serious note If you were working cash and depositing sums from your Australian account to your Irish account without proof of income the bank would be asking questions and probably freeze your account if you cannot prove where ya got the money for. Surprised it hasnt been done allready.

Liam D Ferguson

greggo wrote: »

is it possible to get a mortgage from abroad with the savings I have even though I have no proof of income

Not a chance.

slinky2000

100k in 4 years! You're saving over 2k euro a month! What the hell type of 'cash' job is this?

chris85

Not a chance. Cash in hand will mean you ain't paying tax and you could be looked at for money laundering.

Speculator

Liam D Ferguson wrote: »

greggo wrote: »

is it possible to get a mortgage from abroad with the savings I have even though I have no proof of income

Not a chance.

Unfortunately if you have no proof of income it will be an automatic decline. Why not save the other 50k

greggo

ha nah none of that walter white carry on. ive been in australia for the last 4 years working cash in hand as a brickie.pretty good at saving so just had an aim of how much to save and been saving since really.and i havent been tranferring money through bank accounts,i send it home at different stages whether with family or friends who have come visiting and then i get them to change it into euro when at home and i have it in a safe in euro in the family home.
looks like i will have to just buy something cheaper as im looking at coming home soon for good. will there be any problems if i pay cash for an apartment. would there be questions of how i got the money?
cheers for the replies anyway lads.appreciate them all.

murphaph

greggo wrote: »

Hi all
In this time I have steadily been sending home my savings to my Irish account.

greggo wrote: »

i havent been tranferring money through bank accounts,i send it home at different stages whether with family or friends who have come visiting and then i get them to change it into euro when at home and i have it in a safe in euro in the family home.

No offence pal but your story even here is full of contradictions. Do you ever watch that Australian Customs program on TV where they catch people out like this? Be very careful or they could be on to you. It'll be hard to turn that cash into an Irish house without answering some questions. I am pretty sure even the solicitors dealing with you would have to notify Revenue if such a large sum was thrown on the table in cash, so to speak. The whole world has clamped down on money laundering and whilst that is not what you're doing, working cash in hand is not far off.

Btw, if you really do have 100k in a safe at home you are a mad man. No insurance policy will cover that if/when it is robbed.

chris85

Agree with murphaph that any solicitor would ask question. You are working illegally and thus couod be done on money laundering. It's a large amount of illegal money and questions will be asked.