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Mortgage when earning overseas

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  • 18-01-2021 4:04pm
    #1
    trasver
    Registered Users Posts: 103 ✭✭


    Apologies if this has been covered before - I couldn't find the right combination of search terms to find relevant results.

    We've recently moved back to Ireland (we're both Irish) from 10 years living overseas (South Africa) and I am still earning there while working remotely in Ireland.

    We had hoped to purchase a house but after going through a broker he informed us that getting getting a mortgage approved while earning overseas (particularly outside of the EU) is nigh on impossible.

    Using Irish mortgage criteria we would appear to qualify for more than enough of a mortgage based on income and we have a decent deposit (almost 30%) but it appears to be just a "computer says no" because of the overseas earning.


    If anyone has any experience of this I would appreciate any tips for how we could best position ourselves (if it is possible at all) or who we can/should talk to in relation to to trying to get a mortgage.


    Thanks for any assistance!


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    #2
    LOU76
    Registered Users Posts: 48 ✭LOU76


    You won’t get any bank to give you a mortgage in Ireland if your employer is not in Ireland. There is no way around it. For this exact reason my sister in law & her husband left Ireland for good last year. They tried to get a mortgage here and saved a massive deposit while renting here for over six years hoping that would help but no. So instead they bought a house in Spain outright with the deposit money they’d saved and are loving the sun, sand & wine from the vineyard next door.


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    #3
    trasver
    Registered Users Posts: 103 ✭✭trasver


    LOU76 wrote: »
    You won’t get any bank to give you a mortgage in Ireland if your employer is not in Ireland. There is no way around it. For this exact reason my sister in law & her husband left Ireland for good last year. They tried to get a mortgage here and saved a massive deposit while renting here for over six years hoping that would help but no. So instead they bought a house in Spain outright with the deposit money they’d saved and are loving the sun, sand & wine from the vineyard next door.

    Thanks for that, appreciate it. We've just returned from 10 years of sun, sand and wine so we're here for the foreseeable future.

    Also could be renting for the foreseeable future :mad:


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    #4
    Mrs OBumble
    Registered Users Posts: 25,717 ✭✭✭✭Mrs OBumble


    trasver wrote: »
    Thanks for that, appreciate it. We've just returned from 10 years of sun, sand and wine so we're here for the foreseeable future.

    Also could be renting for the foreseeable future :mad:

    Get a job here.


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    #5
    errlloyd
    Registered Users Posts: 12,601 ✭✭✭✭errlloyd


    You only need about 6 months of financial history here AFAIK. So get a job, get 6 paychecks, get off probation. Roberts your father's brother.


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    #6
    Bluefoam
    Registered Users Posts: 7,717 ✭✭✭Bluefoam


    There are a couple of brokers who will do it... I was looking at the same situation. You'll need 30-35% deposit. If you can manage it. I waited until I returned and faced a much more difficult situation, even though I had some rescources behind me...

    I was dealing with visionfinancial.ie, & they were brokers for AIB/Haven.


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