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Living abroad want to get a mortgage in Ireland

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  • 16-10-2012 1:19pm
    #1
    Registered Users Posts: 2


    Me and my husband are living in Australia over 10 years but want to buy a house in Ireland. We know the house we want and would need to borrow approximately 60% of the value of the house. We don't plan on living in it but have a tenant to pay rent.

    Can anyone recommend a bank or broker that would lend to overseas residents. We have good jobs and good credit rating etc. I am with BOI but waiting on a response from them.

    Any advise appreciated. Has anyone in the same situation found a bank/broker that would lend to them.


Comments

  • Registered Users Posts: 45 Kwack


    Banks are very strict about mortgages these days. Boi would be your best bet (banks don't want customers who have no history with the bank) but even then its unlikely they will give you a loan seeing as your non resident. Can you not get a loan with an Oz bank?


  • Registered Users Posts: 2 Bettyboop1977


    Thanks for responding. I haven't tried any banks in Oz yet as would prefer mortgage from Ireland seeing as the tenant would be paying rent in euro!


  • Registered Users Posts: 26,503 ✭✭✭✭Peregrinus


    An Australian bank could advance you a loan in euro (but might not want to).

    The bigger issue would be security. It's unlikely that an Australian bank would want to advance a loan on the security of a house in Ireland, since (a) they probably think the Irish property market is, ahem, still a bit risky, and (b) it's a pain to have to enforce a security in a foreign country. So if you did get a loan, even a euro-denominated loan, from an Australian bank, they would probably want it secured with a mortgage over Australian property instead of (or as well as) a mortgage over Irish property.


  • Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    We've done a small number of non-resident mortgages but they're not easy to place. Things that will help your case: -
    • Low LTV - 60% is good, 50% would be better.
    • Deposit saved as distinct from gifted.
    • Previous Irish banking and credit history.
    • Irish "connections" - family living here etc.
    • Proven ability to repay all your commitments in Australia and the new mortgage, on a stress-tested basis, without reference to the proposed rental income.

    You need to build a strong case from the start, using the above as guidelines. Oh and be prepared to be patient!


  • Registered Users Posts: 9 marv5053


    I am in a similar situation, I am self employed in Germany and wanting to buy a property in Ireland next year. My girlfriend still works full time in Ireland and I have maintained an AIB account and been making regular monthly payments into the account.

    We only have a 20-25% down payment. My girlfriend earns 24000 Euro/year and i have 2 years of taxes for here in Germany, we are looking for a mortgage of 150000 so not a crazy amount.

    My question is, what is the best way for us to go about things ? with me being self employed and in a different country is this going to cause a massive problem? can anyone recommend a broker or the best bank to approach?

    Thanks in advance,

    Mark


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