What is required these days for a mortgage?

lima

Hi there,

I don't live in Ireland but would like to go back in 1-3 years and buy in Dublin. Just wondering what wuold be required to get a mortgage?

How much of a deposit? 25%? 35%? 50%?

How long would I need to be in regular employment (If I was to manage to get a job)?

For those who know - I may end up having to do IT contracting and while the moneys good, it is not regular employment (3/6/9 month contracts etc.), is it still possible to get a mortgage if I was employed this way (assume I have a limited company set up).

Thanks

who what when

lima wrote: »

Hi there,

I don't live in Ireland but would like to go back in 1-3 years and buy in Dublin. Just wondering what wuold be required to get a mortgage?

How much of a deposit? 25%? 35%? 50%?

How long would I need to be in regular employment (If I was to manage to get a job)?

For those who know - I may end up having to do IT contracting and while the moneys good, it is not regular employment (3/6/9 month contracts etc.), is it still possible to get a mortgage if I was employed this way (assume I have a limited company set up).

Thanks

Four main things really.
1- Deposit. Officially the banks are only asking for 10-12% of a deposit but in reality it should be more like 20%.
2- Secure Employment. This could be tough for you because they seem to want people to be in a job at least 2 years prior to looking for their mortgage. Contract workers are frowned upon, particularly short term contract workers ie less than 5 year contracts.
3- Debt free. You cannot have any previous loans, credit card debt etc hanging over you.
4- Mortgage size. The going rate for mortgage sizes these days is 3-4 times the first earners salary plus 1 times the second earners salary.
If its a single person I think its 3 times their salary.

donalg1

I heard somewhere if you are looking for an apartment now you will be asked for a deposit of 25% from alot of places

dontclickonthis

Your Soul!

who_ru

a lifetime of worry and stress.

lima

Might give it a couple of years before I head back so!

ShadowHearth

If you havent lived in ireland for the last few years, it will lower your chances to get one.
I dont know about the limit for non first time buyers, but for me it was 8% and i said i want to go for 8%. i got morgage approved. it depends on how big morgage you will go for too.
they asked me and misses for 3 months of payslips. they asked how long are we working in current positions. it was 2 and 3 years.

advice: best thing to do is go to bank and have a chat, preferably with highest fella in bank, becouse he will deal with you and will try to get business. for regular bank worker, you will be just a guy. every single case is different and its very hard to advice m8.

up4it

Lima: As an IT worker myself, I know you can get self-employed mortgages but will have to show some accounts to prove it. Also, the interest rates are usually a little higher and a bigger deposit required too.

Why not do some contracting in the UK to maximise your income before returning to Ireland? That way you have a bigger deposit. Just a thought!

lima

up4it wrote: »

Lima: As an IT worker myself, I know you can get self-employed mortgages but will have to show some accounts to prove it. Also, the interest rates are usually a little higher and a bigger deposit required too.

Why not do some contracting in the UK to maximise your income before returning to Ireland? That way you have a bigger deposit. Just a thought!

That's what I'm doing, I already have a 25-30% deposit but I'm thinking the hard part is getting a bank to talk to me. That said, I'm in no hurry so I'll probably try and contract for 2-3 more years and increase my deposit size.

the groutch

better to try a foreign bank or another loan company, as they are more likely to give someone in your circumstances a loan than AIB/BOI, who somewhat have their hands tied.