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Irish working in uk trying to get mortgage

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  • 05-01-2016 10:52pm
    #1
    p1mr2
    Registered Users Posts: 2 ✭


    Hello,

    This is my first post on boards
    I am currently working in the Uk as a contractor. I am working over here since 2002. About 18 months ago I started my own Ltd company.
    I earn a reasonable income and have 40% deposit saved.
    I have tired all the banks and am finding it impossible to get a mortgage.

    Aib have refused me because they reckon I cant save 200 pounds a week even though I have saved an average of over 500 a week for the last number of years. They took a figure of me as I am a contractor, then a figure off me because I work in the uk and then an allowance for tax. The figure they came up with was less than half what I take home after tax.

    I am awaiting a decision from PTSB since before Xmas

    I am in the process of doing an application for Ulster bank on a 50% mortgage
    Most of the other banks wont touch me due to working in the UK or due to being a contractor for only 18 months.

    The UK lenders are not keen due to the house being in the Republic and only been on my own 18 months. (They will give me a mortgage on a Uk house with a 10% deposit thought)

    Is there any other options to get a mortgage in Ireland?

    Thanks for your help in advance

    Pat
    Tagged:


Comments

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    #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    Generally as you are classed as self employed/contractor, they will want three years accounts from your company.

    Additionally I guess AIB are aware of the withholding rules for tax in the UK and are factoring that in as well.

    You are probably best waiting a while to build up more time with your own company.


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    #3
    Water John
    Registered Users Posts: 21,162 ✭✭✭✭Water John


    Welcome to Boards.
    I'm the wrong end of the country but many people living around the border work in NI. they may be able to help here.
    It should not be unusual for Irish Banks.
    You did not mention BOI.
    A regular savings account for 6 months is usually enough. Plus set of accounts.
    BOI give full loan approval, prior to house search.
    That loan approval is only conditional on the engineers report, planning search etc.


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    #4
    p1mr2
    Registered Users Posts: 2 ✭p1mr2


    Thanks for the replies

    John
    I had spoken to BOI on the phone and they said I would have to do a commercial loan, they told me to make an appointment in branch to discuss.
    They said a 50% deposit would be required.

    I decided to go into the Ulster Bank instead (who also require a 50% deposit), but now think I should have also went into BOI, and am getting the extra bits for their application.
    They want to see projections from my accountant

    It is very impressive the ammount of posts by both of you especially Stheno


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    #5
    Water John
    Registered Users Posts: 21,162 ✭✭✭✭Water John


    I realise it would be a buy to let but did not think you would need 50%.

    I think it important to build a relationship with the person you are dealing with in the branch.
    If you are around, make an appointment and meet. She will see you are genuine and serious. She will in reality work on your behalf.
    I know the decision is made centrally, but she will know how to put certain points on your application etc. Tick the boxes of what is needed.
    Six months regular savings is important.
    Definitely NO sign of payments for online betting in current accounts. Its a no no.
    Remember she is interested in getting your business. If she doesn't show this interest move to another branch.


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