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Buying in Cork, living in Dublin

  • 04-07-2020 9:18am
    #1
    DonnieCorko
    Registered Users Posts: 175 ✭✭


    Hey!

    I am currently living in Dublin. By mid 2021 I should have the deposit saved for a house in Cork (where I am from) but I am currently living in Dublin and see myself here for the next few years at least.

    I was wondering what is the situation with getting a mortgage while renting in a different city. I would be looking to rent out the house while still in Dublin, potentially for corporate lets as it is something my family currently do with a property we have.

    I feel prices in Cork will rise substantially over the next few years due to increased population so would be looking to get on the market, whereas Dublin wont have as large increases IMO.

    How feasible is it to buy a property in Cork while renting in Dublin?

    Thanks


Comments

  • #2
    Poland2020
    Registered Users Posts: 9 ✭Poland2020


    Hi Donie

    I had a similar situation to you.
    While I currently still work in Dublin, we relocated to Cork. The big 2 like BOI and AIB wanted proof we were changing jobs which wasn’t the case for us. They were just making sure we weren’t buying to let etc
    PTSB asked no questions at all.


    From my experience, it’s making sure you aren’t buying to let and not the relocation at all.

    Sorry for repeating myself


  • #3
    DonnieCorko
    Registered Users Posts: 175 ✭✭DonnieCorko


    Poland2020 wrote: »
    Hi Donie

    I had a similar situation to you.
    While I currently still work in Dublin, we relocated to Cork. The big 2 like BOI and AIB wanted proof we were changing jobs which wasn’t the case for us. They were just making sure we weren’t buying to let etc
    PTSB asked no questions at all.


    From my experience, it’s making sure you aren’t buying to let and not the relocation at all.

    Sorry for repeating myself

    Thanks Poland! However, I would be looking for buy to let for the moment before living there myself in the future. So, PTSB dont care if you are doing buy to let? or they just didnt ask if you were relocating to your new purchase?


  • #4
    ED E
    Registered Users Posts: 36,163 ✭✭✭✭ED E


    Fraudulently obtaining your mortgage might not be a good way to get on the ladder. If you want a B2L then apply for that.


  • #5
    Humour Me
    Registered Users Posts: 360 ✭✭Humour Me


    You will need to have a 30% deposit for a buy to let mortgage.


  • #6
    DonnieCorko
    Registered Users Posts: 175 ✭✭DonnieCorko


    Humour Me wrote: »
    You will need to have a 30% deposit for a buy to let mortgage.

    Ah! Didnt realise there was different criteria. I guess its a non runner so! Cheers!


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  • #7
    DonnieCorko
    Registered Users Posts: 175 ✭✭DonnieCorko


    Actually, regarding the deposit, as there are exemptions granted by the central bank to deposit amounts or the 3.5 times rule, does anyone know if you can get an exemption to the deposit amount on a buy to let?


  • #8
    Poland2020
    Registered Users Posts: 9 ✭Poland2020


    DonnieCorko wrote: »
    Ah! Didnt realise there was different criteria. I guess its a non runner so! Cheers!

    Sorry Donie,

    PTSB didn’t ask questions in relation to relocating but buying to let as the previous post said is different criteria altogether. I should of cleared that up.


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