Mortgage while living abroad

m.j.w

Just wondering has anyone had any experience with applying with applying for a mortgage while living and working abroad. I have been living in Canada for nearly 18 months now and I am thinking of buying a house at home. Is it even possible to get approved and how big of a deposit would you need.

tenifan

I'd say the chances are slim if you're earning dollars and want to get a loan in euros, or where you are planning on leaving your job.

gccrowley1

Thought I'd try bump this topic, looking into this myself. Did ye ever get more info on it.

Trish56

Yes it is possible to get a non resident mortgage or a mortgage for a holiday home. You will need a 30% deposit and need to show income of approx. 100k.

gccrowley1 wrote: »

Thought I'd try bump this topic, looking into this myself. Did ye ever get more info on it.

gccrowley1

Trish56 wrote: »

Yes it is possible to get a non resident mortgage or a mortgage for a holiday home. You will need a 30% deposit and need to show income of approx. 100k.

Thanks Trish56. I was thinking of travelling to and from Canada for work, would I still be considered "non resident"

Nody

gccrowley1 wrote: »

Thanks Trish56. I was thinking of travelling to and from Canada for work, would I still be considered "non resident"

If you're out for more than 183 days a year you're a non resident.

Trish56

Hi,
I presumed that you were living and working out of the country. If you are applying for a mortgage you must prove to the lender that you are in permanent and continuous employment so unless you would be travelling to and from Canada and working for the same employer you would not be deemed suitable for a mortgage. If you are there should be no problem.

gccrowley1 wrote: »

Thanks Trish56. I was thinking of travelling to and from Canada for work, would I still be considered "non resident"

bodonnell

Got a mortgage in '02 whilst working abroad just provided proof of salary etc. Rules probably tighter now, when asked told them we would be returning to Ireland but didn't have to say when.

gccrowley1

Thanks for all the info from each of ya. I should be staying with the same company I've been with for a good while now , while travelling to and from Canada. So hoping a mortgage will be possible. The only thing is I have a house already and mortgage in Ireland but I have handed the house over to the council on a long term lease agreement. I have to give them first refusal to buy the house and will still have a small amount of negative equity so don't know where I stand. I don't even know how or if I could get out of the contract with them as I would probably get a better price elsewhere.

mkdon

hi bumping this. what banks offer these type of mortgages and where can i find details? are the rates worse? how much deposit would be required? max term?

Trish56

AIB and Bank of Ireland will consider mortgages with non euro income.