Returning home and getting a mortgage

DeSelby83

Hi all,
We are living in London at the moment and are thinking about when we move home. This is something we have both decided we want and to possibly get our own place. Realistically this wont happen for 2-3 years.

My question is are we better off sending money home now to improve our credit history with a bank now or can we just come home with savings and walk into a bank and apply for a mortgage.

Has anyone here been in a similar situation and what have you done.

Thanks

punisher5112

DeSelby83 wrote: »

Hi all,
We are living in London at the moment and are thinking about when we move home. This is something we have both decided we want and to possibly get our own place. Realistically this wont happen for 2-3 years.

My question is are we better off sending money home now to improve our credit history with a bank now or can we just come home with savings and walk into a bank and apply for a mortgage.

Has anyone here been in a similar situation and what have you done.

Thanks

If you can prove savings as is that will be a great help.

You would obviously need a bank account here and they look for 6 months of good savings.

Don't be signed up to any betting sites and clear off credit cards etc.

If you are in permanent employment this will also be a factor to getting one.

Would you be starting a new job or just transfer.

Rental here is but crazy and prices too.

Hello105

I moved here from the UK with ~30% deposit but had to be in a permanent job here and finished the probation period (12 months for me) before they would give a mortgage.

I had to give a UK credit report and bank accounts.

DeSelby83

Hello105 wrote: »

I moved here from the UK with ~30% deposit but had to be in a permanent job here and finished the probation period (12 months for me) before they would give a mortgage.

I had to give a UK credit report and bank accounts.

Wow 30% deposit. Was that because you had no credit history here as such? That seems excessive.

Sarn

DeSelby83 wrote: »

Wow 30% deposit. Was that because you had no credit history here as such? That seems excessive.

I imagine it’s more that despite having a 30% deposit they still had to wait a year. Not that a 30% deposit was required.

Andycap8

You can apply for a Buy to Let mortgage while you are in the UK.
So you'd actually be buying the house in Ireland while you're living in the UK and then you'd rent it out before moving back.
They don't do many of them and you need good salaries >€100k and a minimum deposit of 30%. BTL rates are also approx 5% compared with 2.5%-3% for owner occupier.
If you wait until you return to Ireland to apply then you will need to be in permanent jobs (i.e. if you move to new companies in Ireland then your probation period will need to be over and if you're on a fixed contract then that's probably a problem too).

It is not an easy process but we did the BTL mortgage while abroad. The big problem was finding a bloody house!

katiek102010

We moved home last summer.

Bank of Ireland opened accounts for us over in the Uk and we sent money over.

We are having difficulty getting a mortgage at the moment as there is a min earnings requirement and husband is just earning it. The banks stress test you also and we were with family till just before Christmas when we managed to secure a rental.

Ring Bank of Ireland and they will definitely talk you through it. They have a specific moving home team

Dillosk412

I moved back last April. I was with Natwest / RBS in the UK and got mortgage approval from Ulster Bank immediately.

So if you're with RBS, then Ulster Bank would be an ideal partner here as its the same company

katiek102010

Dillosk412 wrote: »

I moved back last April. I was with Natwest / RBS in the UK and got mortgage approval from Ulster Bank immediately.

So if you're with RBS, then Ulster Bank would be an ideal partner here as its the same company

We were with Barclays and our money is all with Barclays

theteal

Dillosk412 wrote: »

I moved back last April. I was with Natwest / RBS in the UK and got mortgage approval from Ulster Bank immediately.

So if you're with RBS, then Ulster Bank would be an ideal partner here as its the same company

That's interesting, good to know. We still talk about moving back at some stage but not that urgent just yet - any more kids will be born over here. We own a house here in Essex and if we were to move back would likely be looking to sell the current house and buy in Ireland as soon as possible.

katiek102010

theteal wrote: »

That's interesting, good to know. We still talk about moving back at some stage but not that urgent just yet - any more kids will be born over here. We own a house here in Essex and if we were to move back would likely be looking to sell the current house and buy in Ireland as soon as possible.

We were in Kent and luckily went sale agreed last February. Current zoopla valuation is over 30k less than what we sold for