Buy a house while abroad.

aridion

I work in China and want to buy a house in Ireland over the next year or so. I do not plan on living in Ireland anytime soon so would have to pay 40% deposit + fees.

Has anyone done this? Is the 40% enough or would BOI want more?

Regards,
Ari.

PaulM1977

Where did you get the 40% deposit figure from?
You can secure a higher amount than that.

dowhatyoulove

Hi, if it helps, I live abroad and was told we would need 50% of the cost price as banks view it as an investment property as you aren't a resident. According to Ulsterbank in September of this year

Easyliving

I've done this and your information is incorrect. Facts as follows:

1. You will have to buy it as a buy to let and rent it. With aib you will need a 30% deposit. Ptsb is 40% and bank of Ireland don't do it.
2. You need to be in secure employment and prove this.
3. All general mortgage application stuff applies plus you will need to get a credit report done in the country you are in, tax compliance cert, and show your contract etc. you may need to do this a few times depending on how long your search and application takes as they need to be up to date.
4. 3.5 times your salary applies.

I applied in an aib branch at home when I was back for a visit this helped. I also kept all my banking in Ireland so that also helped. Life insurance is also only available from New Ireland, we used a good broker for all of this stuff.

dowhatyoulove

Easyliving wrote: »

I've done this and your information is incorrect. Facts as follows:

1. You will have to buy it as a buy to let and rent it. With aib you will need a 30% deposit. Ptsb is 40% and bank of Ireland don't do it.
2. You need to be in secure employment and prove this.
3. All general mortgage application stuff applies plus you will need to get a credit report done in the country you are in, tax compliance cert, and show your contract etc. you may need to do this a few times depending on how long your search and application takes as they need to be up to date.
4. 3.5 times your salary applies.

I applied in an aib branch at home when I was back for a visit this helped. I also kept all my banking in Ireland so that also helped. Life insurance is also only available from New Ireland, we used a good broker for all of this stuff.

Easy living, do you know if this applies even if you don't bank with them? Is there a min spend on a property?
We do put our savings in our bank here so I'm hoping that would help

aridion

Thanks. That clears up a few things. I bank with BOI, so may be a problem.