Moving to Ireland - First Post here

borus22222

Hello there,

 

Let me introduce myself, I’m a structural engineer from Poland who got lucky to marry and a girl from Tralee in June. We both live and work (she is a teacher) in London but by end of July we are planning to move to Dublin. I have a job already as a relocation within the company , and she would probably get some contract subbing role at schools which hopefully transfer to permanent job after  a while .  I would like to few questions regarding the property market and the process of getting the mortgage. We have some savings and with new 10% rate we should be able to afford a place in Dublin (something for max 300k) . Our plan was to buy a flat in City Centre and after few years once we decide where we want to live, work etc. to buy the final house to settle in.  We might be able to afford to rem mortgage the flat and rent it out.

 

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1. Where is worth buying taking into consideration the best rent rates?
2. How quickly can I apply for mortgage after moving to Ireland?
3. Can I calculate her earnings taking into consideration that she will be on contract role?
4. I assume that not working in Ireland before , we won’t be able to apply for any tax rebate?
5. Can I use my future in-laws as a part of the mortgage deal – basically use theirs credit history ( warrantor) – and still be treated as first time buyer?
    
   [/ltr]

I would be very grateful for any help or piece of advice.


Borus

Samuel T. Cogley

Don't become landlords or buy an apartment unless you absolutely have to.

At the 300K range you'll have a range of houses you can look at which should be more stable than apartment prices. They will be in less desirable areas but 300K will put you in range of excellent public transport links. You can have a great property in D12 or areas of D5 or something smaller in D8 and areas of D7. If you don't mind going out further D15 would yield some reasonable properties also.

You'll have to rent initially so use that time to pick where you want to go without getting an albatross around your neck.

Hollister11

Samuel T. Cogley wrote: »

Don't become landlords or buy an apartment unless you absolutely have to.

At the 300K range you'll have a range of houses you can look at which should be more stable than apartment prices. They will be in less desirable areas but 300K will put you in range of excellent public transport links. You can have a great property in D12 or areas of D5 or something smaller in D8 and areas of D7. If you don't mind going out further D15 would yield some reasonable properties also.

You'll have to rent initially so use that time to pick where you want to go without getting an albatross around your neck.

You get get 2 bed apartments beside the Dart for < 200K. I wouldn't not buy an apartment 'unless i had to'.

Samuel T. Cogley

Hollister11 wrote: »

You get get 2 bed apartments beside the Dart for < 200K. I wouldn't not buy an apartment 'unless i had to'.

And what's your rationale? Whats the business case and what have you done in relation to calculating tax?

What's the story if the apartment, which have more volatile pricing the housing, loses value and the OP can't shift it? What should they do in relation to being stuck with an apartment and not able to get a mortgage on a house because of the apartment?

What happens if the OP decides to start a family and can't move for whatever reason?

If you're in a house in a reasonable but not ideal situation you have options, not so much with an apartment.

akesha

What's the story about raising a family must be in a house and not in an apartment? Just curious... I am from Spain, and 90% of the properties there are apartments and families are raised in them!

LirW

akesha wrote: »

What's the story about raising a family must be in a house and not in an apartment? Just curious... I am from Spain, and 90% of the properties there are apartments and families are raised in them!

Honestly, that is a very irish thing (no offense!). I also come from the mainland, apartments are pretty much the normal thing - I guess a reason why it is less desirable is the very poor building quality of some blocks.
But in general, I do not really understand that either, grew up in apartments, turned out as a pretty normal person.

EmoCourt

Don't forget there is no more bridging finance. If you buy an apartment now, you may have to sell it before you can buy somewhere else.

68 lost souls

On top of the 10% deposit rule don't forget the 3.5 items your salary rule.

In terms of her role I'm not sure if she is primary or secondary qualified but at the moment the country is crying out for primary teachers as the main teaching school changed from 3 years to 4 years so this year there were 50ish jobs with 6 applications. Next war there will be an influx of teachers again but she may be at a better shot of getting a full time job right away rather than subbing.

Look at houses close to luas or dart rather than an apartment would be my suggestion. Or if you rent for a year you will be eligible for help to buy off the first year of earning but I wouldn't necessarily wait as the prices might go up negating any benefit of holding off.

borus22222

All, Appreciate the responses - very helpful. My idea was that instead of spending big money on renting I would start paying off the flat myself. The question is how difficult is to sell an apartment in Dublin? From what I researched Dublin gave very good returns on rentals. I wasn't aware that Bridging finance is not available anymore... What about using my in-laws credit rating - is that possible? I'm from Poland and it's quite standard practice for parents to help this way.

I am aware of 3.5 rule but as far as I know if your joint salary is 80k and above there might be some exceptions?
How quickly can I apply for mortgage ? Or can I start sorting something now before moving? If you guys know some decent and fair mortgage broker - I would be grateful for recommendations. 

Thanks again!

Michael D Not Higgins

You're probably in luck that you're transferring internally within your company. This will mean you're already in a permanent job past any probation period. Your wife on the other hand looks like she will be on temporary work which will work against you. The other thing to consider is that you haven't been resident in Ireland, which increases your risk profile. They won't take your in-laws into account, there were many mortgages given out with parents as guarantors which fell into problems in the housing crash so they're not going to fall into the same mistakes.

To be honest, there's too many ifs, buts and maybes to give any solid information. I reckon you're best off renting for a while and sorting out the options later since sorting out a mortgage straight away is extremely unlikely. A broker is likely to give you some straight answers on your options and limitations.

68 lost souls

borus22222 wrote: »

I am aware of 3.5 rule but as far as I know if your joint salary is 80k and above there might be some exceptions?

Yes but your wifes salary wont be taken into account until she is in a permanent position or has proven a track record of employment over a period of a few years.

pilly

akesha wrote: »

What's the story about raising a family must be in a house and not in an apartment? Just curious... I am from Spain, and 90% of the properties there are apartments and families are raised in them!

Apartment complexes just not built with families in mind. No storage, no outside play areas etc. etc.

borus22222

Thanks everyone, loads to think about. Looks like a short renting is a must- the question is for how long..