Irish Mortgage Application & Working Abroad

mrfatpaddy

Hi,

I am looking into the possibility of purchasing a property at home in Ireland but I am currently working abroad in London and have been for 10 years now.

I have a current account in both the AIB and Ulster Bank.

Has anyone here made an application while working abroad? I do have an Irish postal address as well as an address in the UK. My credit is all in the UK, i.e. Credit Card, Car, Phone etc.

If anyone has been in this position and has made an application, I would love to hear how it all went and get some examples of deposits etc.

Thanks in advance!

mrfatpaddy

Can anyone help??

tigerbanana

mrfatpaddy wrote: »

Hi,

I am looking into the possibility of purchasing a property at home in Ireland but I am currently working abroad in London and have been for 10 years now.

I have a current account in both the AIB and Ulster Bank.

Has anyone here made an application while working abroad? I do have an Irish postal address as well as an address in the UK. My credit is all in the UK, i.e. Credit Card, Car, Phone etc.

If anyone has been in this position and has made an application, I would love to hear how it all went and get some examples of deposits etc.

No real expert but I made some enquiries with a similar situation a couple of months ago... I did not actually apply but my enquiries did not go particularly well...

The main crux being that if overseas you'll be buying as a Buy to Let which for most Irish institutions requires a pretty massive LTV than say if you were resident in the country and could produce evidence of earnings in Ireland... I think I was told I'd need 50% of the purchase price up front...

On the other side of the shore, I could not get any mortgage from a UK lender without a similar sized deposit (or at all), as the property was outside of the UK...

Options are pretty limited tbh...

Liam D Ferguson

We occasionally get asked to arrange mortgages for non-residents. They're not easy, but they're possible. As tigerbanana says, you'll be on investor rates.

You'd need a minimum of a 30% deposit plus costs. You'll also need to be able to prove that you can afford the Irish mortgage ("stress-tested at higher interest rates) from your income along with your living costs in London. The application should not be reliant on potential rental income in Ireland.

mrfatpaddy

That's a great help thank you both.

It may be easier to say that you are a commuter and make the property your primary residence. So in effect you are living in Ireland and just working in the UK. Would this be an easier route or is that just over complication?

Thanks,

P

Boom__Boom

mrfatpaddy wrote: »

It may be easier to say that you are a commuter and make the property your primary residence. So in effect you are living in Ireland and just working in the UK. Would this be an easier route or is that just over complication?

I really can't see that being off any use to you in that I can't see how you would convince a bank that the property was your primary residence.

Maybe if it was a situation in the North where you could be commuting cross-border on a daily basis it might possibly be a runner but not if you are in Engand/Scotland/Wales and you're not returning to it most nights.

I think any attempts to claim this would simply have the banks turning down your application straight away.

mrfatpaddy

Thats true Boom Boom. I think that a large deposit is a must and fingers crossed thereafter!!