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Can i get a mortgage in a different county to where i work?

  • 11-12-2021 8:51pm
    #1
    Registered Users Posts: 2,658 ✭✭✭ zweton


    Is it a big no no to banks if for example i want to get a mortgage in mayo even though im working in cork? Is it true there has to be a certain distance?



Comments

  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,007 Mod ✭✭✭✭ Tar.Aldarion


    If they consider it outside of commutable distance they'll want some proof of you being allowed to work from home. If you are always commuting there with a track record I don't see the problem etc. A friend got one from sligo/dublin when he was going to the office once per week.



  • Registered Users Posts: 26,463 ✭✭✭✭ Dempo1


    Honestly in my own experience (20 years ago mind you) the question never raised, worked in Swords Dublin, purchased house in South Laois and at a time there was no such thing or few motorway bypass's. This said OP it was an enormous strain, both physically and financially and I'd certainly be thinking about this carefully unless it's your intention to relocate, can work from home, buy to rent or can work remotely. That's a fair distance, Cork /Mayo.

    Is maith an scáthán súil charad.




  • Registered Users Posts: 634 ✭✭✭ houseyhouse


    I got a mortgage for a house well outside of commuting distance to my work (though not as much as Mayo to Cork). Pre Covid I worked from home and travelled to the office 1/2 times a week, which I told them. This was early 2020. Wasn’t an issue at all.





  • The question is not so much “can I get a mortgage” but rather “what kind of mortgage can I get”. Which will obviously have an impact on how much you can borrow.

    For an owner occupier, principal private residence mortgage you will absolutely have to prove that that you can commute daily or that you can work from home (letter from your employer will be needed).

    Otherwise, though there’s nothing stopping you from getting a mortgage, it’ll be an investor mortgage rate and LTV (so max 60% most likely).

    I went through this earlier this year (bought in Co Sligo, employer in Dublin) and had to prove that I could work remotely at least 3 days a week. And had to get three versions of the letter from my employer as the bank weren’t happy with the wording and employers commitment to that. Otherwise I’d have had to come up with 40% cash.



  • Registered Users Posts: 1,051 ✭✭✭ pauliebdub


    It shouldn't be a problem and is fairly common nowadays with WFH. You may have to prove that you can at least partially work from home to the bank.



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  • Registered Users Posts: 3,728 ✭✭✭ 3DataModem


    I got a mortgage for a Dublin house while living outside the EU, so Mayo/Cork should be doable.





  • I assume that the OP meant to specify an owner occupier mortgage, at owner occupier rates and LTV



  • Registered Users Posts: 3,728 ✭✭✭ 3DataModem


    That's what I got. My wife was living in Ireland, but I was living and working abroad at the time (tax etc resident elsewhere) and I was the only earner. No problem getting an owner occupier mortgage, they just added another set of assumptions re: exchange rate limiting amount that could be borrowed.



  • Registered Users Posts: 473 ✭✭ jelly&icecream


    I'm presuming you're buying with a residential mortgage. If your employers address is far away from the property you're buying they will ask for ability to WFH and possibly take commute costs into account when calculating affordability. This is a fairly new thing in the past year or so.


    If you have a letter from your employer saying you can WFH at least 3-4 days a week you should be ok.



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