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Purchasing property in Ireland from abroad

  • 07-05-2021 11:51pm
    #1
    chillinabroad
    Registered Users, Registered Users 2 Posts: 6 ✭


    Hi All!

    Ireland is my home country, but last few years I'm living and working abroad in the EU.
    The country I'm in is not permanent, and just a nice place for me chill, and earn some money for the next few years. I'm just an expat essentially.
    I know that somewhere down the line, ill return to Ireland.

    For this reason started thinking about the purchase of my first property in Ireland.

    I can afford to pay a mortgage there while living here - but the issue comes with the application for a mortgage.

    Is it even possible to apply to an Irish institution, while abroad?
    If so, who condones such practices?

    The property could be a first time purchase, or purchase to let - doesn't bother me.
    I have about 25% of the DP from the range I'm considering.

    I'm an Irish citizen, with an Irish family, who have property there. Currently I'm not considered a resident though due to being away for over 6 months.

    Anyone have any tips or info on this?

    Thanks in advance!


Comments

  • #2
    glut22
    Registered Users, Registered Users 2 Posts: 188 ✭✭glut22


    Yes we got offered a mortgage pre covid with AIB with a USD income in a non EU country. If you are earning euros they like it more. Haven also an option. Application was onerous as expected but easy and quick enough approval. Good luck


  • #3
    glut22
    Registered Users, Registered Users 2 Posts: 188 ✭✭glut22


    By pre covid I mean Feb 2020! We didnt use it in the end for unrelared reasons.


  • #4
    Turbohymac
    Registered Users, Registered Users 2 Posts: 472 ✭✭Turbohymac


    Hi op..since were all within the eu.it was mentioned on radio here last week after Ulster bank announced it was leaving the Irish market .people were asking why as eu citizens were not allowed to obtain mortgages from mainland Europe
    Given the much cheaper interest rates in Europe compared to here in Ireland where theres clearly no competition in the market ..
    Unfortunately in your current situation you would probably need a close family member that's resident here to obtain a mortgage for you to service.. not ideal but I can't see any of the 3 banks here giving out a mortgage to someone living abroad with no existing property here for the bank to use as security..
    Good luck..


  • #5
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    Turbohymac wrote: »
    Hi op..since were all within the eu.it was mentioned on radio here last week after Ulster bank announced it was leaving the Irish market .people were asking why as eu citizens were not allowed to obtain mortgages from mainland Europe
    Given the much cheaper interest rates in Europe compared to here in Ireland where theres clearly no competition in the market ..
    Unfortunately in your current situation you would probably need a close family member that's resident here to obtain a mortgage for you to service.. not ideal but I can't see any of the 3 banks here giving out a mortgage to someone living abroad with no existing property here for the bank to use as security..
    Good luck..

    Not understanding this - why would Irish bank need other property here in order to secure a mortgage against it. Surely the mortgage is on the Irish property the OP is looking to purchase.


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