For any Irish expats looking to begin their mortgage journey once they return to Ireland, the good news is that being an expat won’t affect your mortgage application.
However, it is important to note that your banking history from the country you are currently living in, be it the UK, Canada or Australia will be reviewed by your mortgage lender in Ireland and will be taken into consideration when deciding whether your mortgage application is approved or not.
Bearing that in mind the following are areas where you can do some prep work to make sure you are in the best possible position when it comes to getting mortgage approval.
Credit History
Be prepared for a credit check both in Ireland and abroad (if you lived abroad in the previous 6 months). Lenders will typically look at the last 5 years of your credit history at home and abroad. Missed direct debit payments, payments to and from gambling sites and outstanding debt will all have an impact on your mortgage application. Before you return to Ireland, you should aim to improve your credit rating.
Full Time Permanent Employment.
If you are leaving your job abroad and starting a new job in Ireland, you will be required to be in your new role for 6 months before you can get mortgage approval. However if you are moving home and remaining with the company you were with whilst abroad, you should be able to apply and be approved straight away ( provided you meet the other criteria)
You will need to provide your last three payslips to the mortgage lender to prove that you are in employment and also to prove your ability to repay the mortgage. Note:- If your job is based abroad but you are working remotely in Ireland, you will require a letter from your employer to prove this.
Regular Savings
Regular savings for 6 months shows the lenders that you’re financially responsible and proves repayment capacity.
Get Your Bank Statements In Order.
You will need to provide statements for the past 6 months from all your bank accounts including ones from abroad. It is a good idea to get these organised before you return to Ireland.
Having an Irish Bank Account
This is vital, because your salary, mortgage payments, and deposit will be mandated from your Irish bank account.
Help to Buy Scheme
You will probably not be able to qualify for this scheme, as you have to have paid the necessary tax over the previous 4 years to be eligible.
First Home Scheme
As an expat you will be entitled to apply for this scheme.
Get in Touch
Returning to Ireland and looking to apply for a mortgage?
Let us know and one of our mortgage consultants can help you through the process
01 513 8710
Comments