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mortgage advise for self employed expat returning to Ireland

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  • 13-02-2019 4:41pm
    #1
    bswan
    Registered Users Posts: 47 ✭


    Hi,

    Looking for some mortgage advise, i am an Irish national who is returning to Ireland (Dublin) soon, i have been living in the UK since 2011, i have been self-employed for the previous 5 years as an IT contractor, all the paperwork etc to prove this. if i was to return to Ireland and get a contract in Dublin, set up an Irish Ltd company and continue the self employed contracting through this....

    1) how does this effect applying for a mortgage ?
    2) will my paperwork from the UK be taken into consideration ?
    3) How soon could i apply for a mortgage ?

    I understand if i was to return and become a regular PAYE employee i would have to wait for my probation period in my new job to end before even applying for a mortgage.

    Thanks in advance


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    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,479 Mod ✭✭✭✭johnnyskeleton


    I think they only accept income in the state for mortgages, and they usually require 2/3 years of accounts.


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    #3
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    bswan wrote: »
    I understand if i was to return and become a regular PAYE employee i would have to wait for my probation period in my new job to end before even applying for a mortgage.

    Thanks in advance


    You may be able to apply and get AIP subject to completion of probation. It's also not unheard of for an employee to negotiate a shorter, or indeed no probation period for this very reason.


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    #4
    paddyb
    Registered Users Posts: 484 ✭✭paddyb


    I was in a similar situation and I am back a few months now. I’m in a permanent job.
    I went to a few banks but the easiest to deal with was KBC. They gave me approval in principle and I can go through the entire process once I have passed probation by the day I want to draw down the loan (its a condition on the approval). Given that it takes around two months for a purchase to go through, the bank were happy for me to put offers in two months before the end of my probation period as it would have passed by the time I went to draw down.
    AIB were happy for me to submit the document and check them but I couldn’t go any further until I had passed probation.
    If you will be working for a smaller company, probation period is something that you might be able to negotiate on.


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    #5
    bswan
    Registered Users Posts: 47 ✭bswan


    paddyb wrote: »
    I was in a similar situation and I am back a few months now. I’m in a permanent job.
    I went to a few banks but the easiest to deal with was KBC. They gave me approval in principle and I can go through the entire process once I have passed probation by the day I want to draw down the loan (its a condition on the approval). Given that it takes around two months for a purchase to go through, the bank were happy for me to put offers in two months before the end of my probation period as it would have passed by the time I went to draw down.
    AIB were happy for me to submit the document and check them but I couldn’t go any further until I had passed probation.
    If you will be working for a smaller company, probation period is something that you might be able to negotiate on.

    That is really great to know !


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