Anyone Irish citizen living abroad but bought house in Ireland?

hcass

Hi everyone - looking for info re: buying a house in Ireland while living abroad. Has anyone done this successfully? And how would you go about doing it?

I don't mean someone who bought a house in Ireland and then moved away - I need to know how you would go about getting a mortgage with an Irish bank while living abroad and then owning the house that way.

Any help would be great - thanks

Thought I should add - Living outside of Europe (in case that makes a difference)

Mezcita

https://www.irishtimes.com/life-and-style/abroad/ten-things-i-wish-i-had-known-about-buying-a-home-in-ireland-from-abroad-1.3127716

hcass

Thanks - this is great!

p1 imp

In 2016 I was working in England and tried to purchase a house in Ireland.

I filled out application forms with 2 brokers and 3 of the big Irish banks.

They all refused me.

I was earning 75k £ per year, and was saving 25k £ per year. The banks reckoned as i was working in England they had to take 20% off me then another 20 % as i was self employed. I dont know how they worked it out but when they stress tested it they reckoned I would not be able to pay back a mortgage of 200 euro per week. I had been self employed for about 18 monhts and that aslo went against me, it would have been better if i had 2 years accounts.

I even offered to pay a 60% deposit and was still refused.

The english brokers could not give me a loan for a property in Ireland.

hcass

p1 imp wrote: »

In 2016 I was working in England and tried to purchase a house in Ireland.

I filled out application forms with 2 brokers and 3 of the big Irish banks.

They all refused me.

I was earning 75k £ per year, and was saving 25k £ per year. The banks reckoned as i was working in England they had to take 20% off me then another 20 % as i was self employed. I dont know how they worked it out but when they stress tested it they reckoned I would not be able to pay back a mortgage of 200 euro per week. I had been self employed for about 18 monhts and that aslo went against me, it would have been better if i had 2 years accounts.

I even offered to pay a 60% deposit and was still refused.

The english brokers could not give me a loan for a property in Ireland.

Oh **** - the person I am asking for is self-employed too. And they haven;t had the business two years yet I don't think... I will pass this onto them and sure they can contact the banks and see what they say...

Thanks again everyone!

TiNcAn

I am living abroad and looking for place back in Dublin. BoI was the first bank which I rang and they offered me a buy-to-let mortgage. Normally you are meant to earn above 75k€ and have 50% deposit but they can make some exceptions when it comes to it.

p1 imp

TiNcAn wrote: »

I am living abroad and looking for place back in Dublin. BoI was the first bank which I rang and they offered me a buy-to-let mortgage. Normally you are meant to earn above 75k€ and have 50% deposit but they can make some exceptions when it comes to it.

TiNcAn. When did they offer you the mortgage? was it recently? did you go through the application process and get approval?

I was trying to get it from November 2015 until March 2016, went through the process and was excepting to get approval.

TiNcAn

I rang them about 6 weeks ago and got the documents together and have approval in principal. It is not yet underwritten because I have not found a house where it has gone sale agreed. Speaking with their agent in BoI I didn't get the impression that the approval would fall through. 

Things may have changed and it they are more willing to lend for non-residents for buy-to-lets. Maybe they see it as less risk since the rents are so high and my wage abroad would still comfortably cover the mortgage repayments.

RandomUsername

Stamp duty is 2% for non-residents as opposed to 1% for residents