How to increase chances of getting a mortgage

dowhatyoulove

Hey All!

This is a little long winded but please bear with me!

Me and my OH moved abroad to work, he is in full time work on around €55,000 per annum and I do seasonal tutoring work which only brings in a small €8,000.

We are getting married next year and hope to buy a house pretty soon afterwards. We are currently saving for a deposit, we are hoping to put away between €1,500 and €2000 per month for the next 18 months. We are saving for a wedding atm so we have that. Also, his company pays for his rent which we pay with cash here as they don't take bank transfers.

With me being on such small money, would we be better putting all our savings into our joint Irish bank account which is the only account that he has, and for him to apply on his own just before we get married? Or to do all our savings in his foreign bank account and show our bank these statements?

Thanks very much!

D3PO

firstly you wont get a mortgage in Ireland whilst living abroad.

So right now the ebst thing you can do is keep saving hard and once you and your OH are back in the country and in permanent employment for 6 months then you should post your situation here and the chances are a far more comprehensive response re how to best increase your chances of getting a mortgage.

The obvious basics apply regardless.

Save regularly and dont dip into it.
Ensure no debt credit card or loans
Dont gamble online
Keep your credit clean dont miss DD's etc

outside of that get back in the coun try get jobs and keep saving until you meet the qualification period and thats the best thing you can do atm.

subway

regular savings is all you can do now.
it souldnt matter to the bank where they are, as long as they are documented on statements, the build up is important. watch out for tax depending on where you are.

as you are not paying rent the bank will want to see a large amount of savings being put away, or they may query your "lifestyle"

if you do need to borrow, do it on one loan,
a credit card of 2k, a CU loan of 3k and a a term of 5k is not as good as one loan for 10k as you have 3 separate monthly payments eating your income

if you are going to spend savings on the wedding, take that out in one lump sum rather than dipping in and out. agin the bank will query if you have a high spending lifestyle.

line up permanent employment in ireland ASAP when you get back and keep up the saving then until the mortgage application.

if you pay for everything by card, the bank can see what you are spending it on and will only ask if they see things like "500eu paddy power"
if you are spending cash all the time, they may ask for a budget etc

if you can help it, dont have kids before the mortgage

dowhatyoulove

Thanks guys, we have only moved abroad and have no plans on moving home for the next couple of years. We have looked into it and it seems that one or two banks in Ireland will grant mortgages to people working overseas so hopefully that shouldn't be too much of a problem..

We don't gamble online so that shouldn't be a problem and don't want any sprogs yet either

Thanks for the advice, please keep it coming..

D3PO

dowhatyoulove wrote: »

Thanks guys, we have only moved abroad and have no plans on moving home for the next couple of years. We have looked into it and it seems that one or two banks in Ireland will grant mortgages to people working overseas so hopefully that shouldn't be too much of a problem..

Its a pretty big problem actually. You will realise this when you actually try and apply.

If your not in the country they really wont entertain you.

Marian1

D3PO wrote: »

Its a pretty big problem actually. You will realise this when you actually try and apply.

If your not in the country they really wont entertain you.

Hi there, i'm also living away from Ireland and have been in contact with a bank in Ireland who say i should be able to get a mortgage with them. Can i ask how you know its a big problem? have you had personal experience from this??
thanks so much.

dowhatyoulove

I got in contact with AIB and they said it wouldn't be a problem as long as we have bank statements from our saudi accounts showing savings etc...

I just wanted advice on how to increase our chances of getting a mortgage

Trish56

OP and Marian,
Yes you can get a mortgage here in Ireland while living abroad. It's called a non resident mortgage and you should be able to borrow up to 75% of the purchase price. Bank will look for 6 months current, savings and credit card statements and details of rent or current mortgage. You will also have to provide a Credit Report from the country you are residing in and evidence of your income, 3 recent payslips, Certificate of earnings for 2013 and your employer will have to complete a salary certificate. You need to be in secure permanent employment so it may be better if your partner applies in his own name..

dowhatyoulove wrote: »

I got in contact with AIB and they said it wouldn't be a problem as long as we have bank statements from our saudi accounts showing savings etc...

I just wanted advice on how to increase our chances of getting a mortgage

dowhatyoulove

Trish56 wrote: »

OP and Marian,
Yes you can get a mortgage here in Ireland while living abroad. It's called a non resident mortgage and you should be able to borrow up to 75% of the purchase price. Bank will look for 6 months current, savings and credit card statements and details of rent or current mortgage. You will also have to provide a Credit Report from the country you are residing in and evidence of your income, 3 recent payslips, Certificate of earnings for 2013 and your employer will have to complete a salary certificate. You need to be in secure permanent employment so it may be better if your partner applies in his own name..

Hi Trisha, thank you, should be able to get all of that no problem. Will have to keep OH on the straight and narrow then