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Odds of a mortgage with no credit history?

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  • 02-10-2015 3:34pm
    #1
    Zedda
    Registered Users Posts: 11 ✭


    Besides little and none?!

    We both have A1 credit in the country we live in but have no idea if that counts in Ireland. Three children.

    When we move, secure jobs will be provable and we can put between 75% and 90% down in cash but will need a 10-25% (max) mortgage. This would also be a way to gain credit history in Irl. We're also prepared to do secured credit cards etc.

    Any advice or experience in the matter? Thank you!


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    #2
    Alkers
    Registered Users Posts: 6,834 ✭✭✭Alkers


    If you are both in secure employment and can demonstrate an ability to repay the mortgage repayment amount at current interest rates +2% for 6+ months you shouldn't have any difficulty.


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    #3
    Zedda
    Registered Users Posts: 11 ✭Zedda


    Thank you for your response.

    I only have a part-time job that I will continue in Ireland (I work exclusively online for an American company - never even met a co-worker or supervisor) so I will switch to paying Irish taxes instead of American as I'm not an American citizen.

    I've had this job for eight years and will have 8 years of tax receipts/all the paperwork with me. My monthly salary is not high but enough to cover the mortgage. My husbands salary will be a lot better.

    We will also have 20 years of credit history reports with us.

    Someone in Ireland told us we still don't have a chance but am wondering if they are being realistic or being a nay-sayer. I know it won't be easy but your response has given me some hope!


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    #4
    Alkers
    Registered Users Posts: 6,834 ✭✭✭Alkers


    Zedda wrote: »
    Someone in Ireland told us we still don't have a chance but am wondering if they are being realistic or being a nay-sayer. I know it won't be easy but your response has given me some hope!

    I would say they are a nay-sayer! I can't see you having any difficulty tbh.
    I would say you will have a lot more difficulty securing rental accommodation until you get mortgage approval and decide on a house!


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    #5
    Zedda
    Registered Users Posts: 11 ✭Zedda


    Thank you.

    You're so right! We'll likely rent first till we get a feel for the place (schools/amenities/neighborhoods/safety etc) and I looked up rentals and was dismayed at our choices or lack of! I took in the whole greater Naas area and found only three, and only one would fit a family of five and who knows if they'd take us! The dratted cat is coming as the children would be heart-broken if he didn't. That could be a deal-breaker for landlords too. We'd want to rent for 6 months which can be a problem, most LL'd want a year at least.

    How ironic that renting may be far harder that buying! I appreciate your help!


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    #6
    lainey316
    Registered Users Posts: 902 ✭✭✭lainey316


    nay sayer. friend has moved home from another country after a v. long period and has got mortgage approval and is pending with another bank. they looked for credit reports, full history on savings accounts (i.e. where did money come from - not just past 6 months but over a longer period) and so on. Sounds like you have your documentation.


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    #7
    Mrs OBumble
    Registered Users Posts: 25,967 ✭✭✭✭Mrs OBumble


    Hard though it will be to find a place, I strongly recommend renting for a while first unless you've lived here before.

    Could be very costly to buy and then find you cannot stand the place.


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    #8
    Senecio
    Closed Accounts Posts: 971 ✭✭✭Senecio


    With your loan to value ratio being so low you won't have a problem.


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    #9
    Archaeoliz
    Registered Users Posts: 142 ✭✭Archaeoliz


    I think you sound like a fair bet for the banks (we moved from UK and OH had to have been in his job for 6+ months but I don't think that applies to you). Only thing I think I could add constructively is most banks have a minimum loan amount of c €40k.


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    #10
    irishguy
    Registered Users Posts: 3,299 ✭✭✭irishguy


    Zedda wrote: »
    Besides little and none?!

    We both have A1 credit in the country we live in but have no idea if that counts in Ireland. Three children.

    When we move, secure jobs will be provable and we can put between 75% and 90% down in cash but will need a 10-25% (max) mortgage. This would also be a way to gain credit history in Irl. We're also prepared to do secured credit cards etc.

    Any advice or experience in the matter? Thank you!

    You should be ok especially if your husband is a professional with a good job. Banks really take it on a case by case basis. I just got mortgage approved with Ulster Bank having only become self employed 6 weeks ago.

    You might actually have a bit more trouble if your only borrowing a small amount as its the same work for them for a big mortgage so the have minimum amounts you could borrow. So you might get a better deal if you take out a larger variable mortgage if you can and then paying it off straight away.


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