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Getting bank statements translated for mortgage?

foreignerwhoneedshelp

Hey there! I'm a self-employed foreigner looking to get a mortgage in Ireland. I've been living here for a few years but I never bothered switching to an Irish bank account, so I still have my old foreign (but still EU) one.

I'm told that, to get a mortgage, I should provide two whole years of bank statements and get them translated (and certified), so I was wondering if anyone here had to go through that process and felt like providing advice on the matter. Like, where did you go to get it done and how much did it cost?

Thanks for your help in advance!🤭

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coylemj

Another one for you Jim.

Citrus_8

https://www.boards.ie/discussion/2058308797/getting-bank-statements-translated-for-mortgage

If it's cheaper in your country, then bring to a notary bureau your printed bank statements for a translation and get their solicitor/notary certify the translation. Apostile isn't required, but some Irish institutions doesn't know that so you might need to educate them. I'd also get your sole trader's accounts filed to the tax office translated and certified (2 years). Talk to a mortgage broker who specialises to providing to the foreigners.

Jim2007

https://www.boards.ie/discussion/comment/120961696#Comment_120961696

If this is a genuine query and I'm not sure as of yet. A notary/solicitor in Ireland can't certify a translation as being correct, or at least they should not, if they don't have a professional level competence in the language that the document was translated from. As a matter of policy in my day, we never accepted such documents from common law jurisdictions as they could not be relied upon.

In most civil law jurisdictions, which is most of Europe, there are certified translator who are authorised to do such work.

Jim2007

OP, I am closing this thread until you contact me directly and I will open it again. We regularly have this type of query and they almost always end up being spam. Hence my reason closing this thread until you contact me.

Jim2007

Ok, the OP has contacted me directly and I'm satisfied that the query in genuine.

Citrus_8

https://www.boards.ie/discussion/comment/120963614#Comment_120963614

OP said is a foreign-income sole trader so I said they could get a translation and notary approval in their country as it most likely be cheaper. They can do this is Ireland too if they manage to find a notary who approves that language. It's not that all notary bureau work with English language only. There are some foreigners doing this job too.

foreignerwhoneedshelp

Thank you for reopening the thread!

From what I understand they don't particularly care where the translation comes from, as long as it's certified. There are several agencies offering this service, but it's hard to get an idea of just how much it could cost... Especially if we start talking about two years of documents instead of six months :/

By the way, when you talk about "accounts filed to the tax office" what do you mean exactly? Treat me like an absolute idiot (which I am when it comes to this stuff)

Jim2007

https://www.boards.ie/discussion/comment/120966500#Comment_120966500

I think we need to roll this back a bit....

Is this business in Ireland and have you submitted tax declarations as a self employed person?
Who told you that you need two years bank statements and that they have them translated?
And which EU country are we talking about?

foreignerwhoneedshelp

https://www.boards.ie/discussion/comment/120967412#Comment_120967412

So:

1) I live in Ireland and I'm registered as a sole trader here, and I paid my first taxes here this year for 2022, will pay my second round (for 2023) early next year

2) bonkers.ie but it was just DMs, haven't talked to them properly yet

3) Italy. I have a bank account with a major Italian bank that I use as a personal account, but I also get paid there by my clients (I have a simple business with no real "business" expenses)

Jim2007

https://www.boards.ie/discussion/comment/120968503#Comment_120968503

In that case I would not pay too much attention to bonkers etc. because their advice is not directly target at your situation.

Clearly you are going to have to change you banking arrangements if you wish to get a mortgage here. Therefore this is where you should start - visit the banks explain what you want to achieve and see what they need for you to do this. It's also possible they will be happy to receive bank statements in Italian. And get this in writing.

Then talk to your bank in Italy, most of the larger bank in Europe have the ability to generate documentation in English, German, French, Spanish and Italian. And see what can do to help you - it will probably be a lot cheap and simpler if they can do this for you. I'd also ask the bank to if possible change your corresponding language from Italian to English. That way going forward you'd have documentation in English which would make it easier doing business in Ireland.

foreignerwhoneedshelp

https://www.boards.ie/discussion/comment/120969138#Comment_120969138

I asked my bank, but they don't provide the possibility to "switch" languages. It's not as common as it should be in Italy...

I'm thinking about closing that account and open a new Irish one, and then wait 6 months before applying for a mortgage to avoid the issue completely, but in case the two years really applied it would be pointless and would probably just make it all more complicated. That's why I was hoping to hear someone's direct experience with this, but so far no luck!

Jim2007

Don't to anything, until you have had a chat with the banks and understand what they need. You are not going to meet the typical requirements of a long time resident nor are you likely to hear from someone who as in exactly the same position as you. Your success if going to very much depend on building up a good relationship with the bank. So first find out what is needed and then take the necessary steps.

It might also be worth having a discussion with your Italian bank to see what they would be willing to consider. It is unlikely they consider a cross border mortgage, but if they have a good relationship with one of the Irish banks they might be willing to do some kind of back to back financing. I have done this in the past with Italian banks for Italian migrants in Switzerland. Of course it would be a bit more expensive, but it might be a way to move forward.

Citrus_8

In general, Irish banks require bank statements of 6 months for PAYE and 2 years for sole traders. But Jim's advise is, as usually, very good - fins out with a few banks what's that they require and then go towards that.

foreignerwhoneedshelp

Thanks for the advice guys! I'll just try and talk to some banks and see what happens... Will update with the results in case they're useful to anyone :)

melchior1951

Yes, talk to the banks that you want to get a mortgage with. I was in a very similar situation but the bank never wanted foreign bank statements translated. It shouldn't be too difficult to read a bank statement in a different language anyway, the format is quite standard. Generally, I found Bank of Ireland most flexible and willing to actually understand unusual circumstances.