Mortgage Advice

jiminho

I'm looking for some mortgage advice. I was home for christmas and should have gone down to the bank but time didn't permit (poor excuse).

Current situation is that myself and my wife are living abroad and will be returning in 2 years - 2016 or late 2015. We are saving for a down payment for when we get back. My wife currently has a loan with BOI but it will be paid off very soon. So obviously when the bank determines mortgage rates, amounts etc they look at a certain set of criteria. Age, salary, down payment, loan amount etc. In our instance, we'll essentially be moving back home and transferring all our money over. Can we transfer our credit rating over or can the banks in Ireland look at our savings schedule (i.e. see that we've been saving $1000 every month for 3 years)?. Will our situation effect our ability to get a mortgage in Ireland? Thanks in advance

johnnyskeleton

jiminho wrote: »

I'm looking for some mortgage advice. I was home for christmas and should have gone down to the bank but time didn't permit (poor excuse).

Current situation is that myself and my wife are living abroad and will be returning in 2 years - 2016 or late 2015. We are saving for a down payment for when we get back. My wife currently has a loan with BOI but it will be paid off very soon. So obviously when the bank determines mortgage rates, amounts etc they look at a certain set of criteria. Age, salary, down payment, loan amount etc. In our instance, we'll essentially be moving back home and transferring all our money over. Can we transfer our credit rating over or can the banks in Ireland look at our savings schedule (i.e. see that we've been saving $1000 every month for 3 years)?. Will our situation effect our ability to get a mortgage in Ireland? Thanks in advance

They'd look at them certainly but might not consider it evidence of ability to repay. However, you'd probably want to come back and rent/work for a few months anyway before buying a house.

the groutch

I think the bigger issue is your employment status.
Is the company you're working for abroad the same one you hope to be working for when you return to Ireland?
If not you haven't a hope of getting a mortgage for at least a year, possibly more.

Shedite27

the groutch wrote: »

I think the bigger issue is your employment status.
Is the company you're working for abroad the same one you hope to be working for when you return to Ireland?
If not you haven't a hope of getting a mortgage for at least a year, possibly more.

Yeah I agree. Depending on what industry ye are in, being able to save $1000 a month might not be realistic when ye get home. I think they will want to see how ye got on in Ireland for 6 months before granting a mortgage.

Westcoast21

Hi, myself and my partner are also living abroad and hope to move home in 2015/2016. Agree with comments above the banks won't give mortgage unless you both have permanent jobs for at least six months. Maybe look at buy to let mortgage which you can apply for while you live abroad. Higher deposit required though.

ir555

They are going to look for a minimum proof of 12 months repayment capacity for your mortgage repayments calculated using a stressed interest rate of actual rate + 2%. Now this is 6.5%

This repayment capacity made up of rent and savings and all needs to have proof on bank statements.

They will also look for permanent contracts.. If not at least a rolling contract that you are in for at least 18 months @ time of application..

That's my experience anyway.. Just approved on Friday!

Recommend ulster bank or boi and maybe PTSB.. Aib are a waste of time..

Westcoast21

Are you living abroad ir555, Was it a buy to let mortgage you got.

ir555

no living here...

mortgage was owner occupier first time buyer...