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Irish man buying property from down under

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  • 06-09-2015 9:55pm
    #1
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭


    A family member moved away 3 and half years ago as in his line of work was dead to say the least and while working there, he has saved enough money to buy himself a nice little cottage in the countryside out west but has a few concerns. Seeing as hes been out of the country a few years, is he still able to class this cottage as his private residence even thou he wont be moving back for another 8 months till a year.


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    To what end? For it to be a PPR mortgage rather than BTL, or is he buying in cash and has some other purpose?


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    #3
    BertyytreB
    Registered Users Posts: 25 ✭BertyytreB


    We have just been through the same process. The following applies...

    1. AIB are the best option. You will only be able to buy the property as a buy to let while you are away. So need 30% as a minimum. You can switch the property to your ppr when you move back.

    2. You need all the usual stuff plus you will need to give them a copy of your current jobs contract and a tax compliance cert in the country you are in. This all needs to be up to date at time of application and then again at time of draw down. This can be a pain in the arse but you just have to do it and DHL.

    3. The only company that offers life insurance to non residents is New Ireland. We used a broker to arrange life and home insurance called HMP they are very good.

    The other banks would not entertain us, I'm on a rolling contract and have been in the same company for years. I went through a branch when I was at home I found them very helpful. I also still have all my banking with AIB so this made it easier to get copies of all the banking stuff. It also was a lot more effort to organise surveys and the solicitor so you need to get a home trip in so you can get a solicitor etc on board. All of your stuff should be planned and organised as you are cramming it in a short space of time. My solicitor also sent stuff via DHL to sign when we where back. Any other questions let me know....happy to help.


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    #4
    Mrs OBumble
    Registered Users Posts: 25,967 ✭✭✭✭Mrs OBumble


    OP, does he need a mortgage at all? Your post made it sound like he didn't.


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