Getting a mortgage while working in the UK

LangSlyce

Hi everyone, I'm planning my return to Ireland from Scotland within the next year or two and aiming to buy a property ASAP. Currently, I'm earning £42k in Scotland and looking into the possibility of securing an investment mortgage in Ireland before I make the full move. I understand this would involve purchasing a property to rent out initially, at a higher interest rate, with the intention of converting it to a primary residence later.

Has anyone here gone down this route? I'd really appreciate any insights on:

• Which mortgage lenders in Ireland are most open to this type of arrangement for returning emigrants?
• What specific criteria did they look for (e.g., proof of income, rental income projections, etc.)?
• What are the key differences in interest rates and terms compared to a standard first-time buyer mortgage?
• Any hidden costs or potential pitfalls I should be aware of?
• Any general advice for a returning emigrant trying to secure a mortgage?

Any personal experiences or recommendations would be incredibly helpful. Thanks in advance!

Henry Ford III

I'm not sure any lender would consider a loan to a non resident. Apply maybe after you return permanently. In the meantime get your savings history nice and tidy, and get that deposit together.

SteM

When you return will you be looking for a new job or transferring your role to an Irish branch of your company?

Exiled Rebel

https://www.boards.ie/discussion/2058404282/getting-a-mortgage-while-working-in-the-uk

I looked into this a few years ago. I spoke with AIB who basically didn't want my business. Hurdles are high such as ludicrously high deposits.

There used to be consultants/advisers who dealt with overseas buyers but I'm not aware what the latest is as I returned to Ireland a couple of years ago.

LangSlyce

https://www.boards.ie/discussion/comment/123306516#Comment_123306516

I'b be looking for a new job here - will that be a factor?

Jim2007

https://www.boards.ie/discussion/2058404282/getting-a-mortgage-while-working-in-the-uk

https://www.boards.ie/discussion/comment/123307853#Comment_123307853

You are coming from a non EU country and that makes all the difference:

• The UK is not part of the EU's directive on credit and so Irish institutions have no reliable way to obtain your credit history
• Irish institutions are not licensed to offer financial services to residents outside the EU, although some do
• There is an EU directive covering mortgage lending in cases where the borrower is not earning in the same currency as the loan which greatly restricts the lending institutions ability to recover the loan etc
• General speaking most financial institutions are not well disposed to cross border property lending as it is a well know why for them to loss money.

You might manage to get a commercial loan as it will start out as a commercial let…. but I don't have any idea of the odds of that happening or if they'd even agree to switch it a mortgage later.

Mrs OBumble

https://www.boards.ie/discussion/comment/123307853#Comment_123307853

So would you actually have the house rented out in the meantime?

Where would you live, and how would you pay the mortgage, if the tenants overhold?

LangSlyce

AIB and BOI both will do a mortage like this as an investment one, BOI look for a property management company to assess and give an estimate for how much the property would rent for (AIB didn't mention that, they just said they'd need to know the rental worth, but that was just on an initial consultation yesterday). So I'd look to rent it thru an agency while still living in Scotland, and wind it down once I decide to move back (I can stay elsewhere while any changeovers happen). I have sent queries to Avant Money and EBS as apparently they can do similar so will be curious to see what they come back with.

Marcusm

https://www.boards.ie/discussion/comment/123307902#Comment_123307902

Jim

retail credit firms which can provide mortgages in Ireland are not limited to credit institutions and, subject to income limits and LTV limits, they are not subject to any of the limitations to which you refer. None of them would have an issue obtaining credit data on a U.K. resident either.

3DataModem

I did this, in fast I got a mortgage while living outside Ireland. High deposit needed, and a big haircut on your income for currency risk.

LangSlyce

Thanks all for the advice so far! Luckily I have the big deposit so hopefully it will be reasonably straightforward.