Abroad short term to save €€ - PAYE earning Ireland - applying for mortgage Ireland

[Jack1234]

Looking for thoughts on the below.

I'm in the process of applying for a mortgage. On the short term I decided to move abroad to save money. Due to the challenges on the property market it's been almost 6 months now.

I do however have a registered address (landlord occupied/friend). My rent abroad is paid to a euro account every month. So I can demonstrate paying rent + savings.

My main income and savinga are with the bank I'm applying for the mortgage with. However, I send a % of my income to revolut for daily spending and paying rent.

Will my revolut bank statements showing I am abroad be an issue? Should or could I redact?

Thanks.

 

[NoRegretsCoyote]

AFAIK income and/or residence outside Ireland make things a lot more difficult with lenders, particularly if earnings are non-€.

It would be a good idea to talk to a broker about how best to present this to lenders.

 

[_OkGo_]

I do however have a registered address (landlord occupied/friend

You don't, you are using a friend's address for your correspondence. If you don't own or pay rent there, you shouldn't be implying it's your address.

My main income and savings are with the bank I'm applying for the mortgage with

Is your income from an Irish company and you are working remotely? Or are you working and living abroad?

So I can demonstrate paying rent + savings

Will my revolut bank statements showing I am abroad be an issue? Should or could I redact?

How can you demonstrate rent without presenting your revolut statements? If you are living abroad, it is surely a significant percentage of your income that you are transferring to revolut. The bank aren't going to ignore that

Your situation is complicated so you need to speak to a broker. You can be very open with a broker because they generally won't start an application for you unless they are reasonably confident in being successful. They can help to best present your case without hiding any facts

 

[Horatio]

A loading will be applied to your affordability calculation to reflect the perceived risk you present. I had a loading of 25% applied if I remember correctly so they will only take ~75% of your income into account.
You may be able to counter this by placing a larger deposit or selecting a longer term resulting in lower monthly repayments & hence higher affordability.

I also was requested to furnish a letter from my Employer indicating that I could work from anywhere but particularly that my Employer would support my move to Ireland to take up work there.
We used Killian in financesolutions.ie & found he to be well informed & responsive for the initial mortgage but also when we explored switching / fixing interest. I have no conection other than as a satisfied client of theirs.

Get your documents in order & submit them with meaningful standardised file names. Make the mortgage review teams job as easy as possible in your own interest.

We ended up with Haven which is an AIB subsidary, you too may be limited to Haven as I understand they are the only bank that would take on your business given your overseas factor.

Good luck!

 

[Jack1234]

You don't, you are using a friend's address for your correspondence. If you don't own or pay rent there, you shouldn't be implying it's your address.


Is your income from an Irish company and you are working remotely? Or are you working and living abroad?



How can you demonstrate rent without presenting your revolut statements? If you are living abroad, it is surely a significant percentage of your income that you are transferring to revolut. The bank aren't going to ignore that

Your situation is complicated so you need to speak to a broker. You can be very open with a broker because they generally won't start an application for you unless they are reasonably confident in being successful. They can help to best present your case without hiding any facts

Thanks for the tips. Yes to answer the other question, I am on an Irish contract and paid out of Ireland. I briefly moved out of Ireland whilst I was waiting for a mortgage to close. Unfortunately due to delays on the sellers side, my mortgage lapsed and I'm reapplying again.

in the meantime I've been communiting back and forth to Ireland, but spent more time abroad than I would have liked.

 

[NoRegretsCoyote]

Will my revolut bank statements showing I am abroad be an issue?

Lenders will scrutinise last six months of bank statements and residence abroad may be an issue.

I am on an Irish contract and paid out of Ireland.

this should certainly help with the application.

my mortgage lapsed and I'm reapplying again.

It is still no harm to go to a broker as a different lender might have easier criteria.

 

[settlement]

as you are not resident in ireland you will be subject to overseas mortgage with 35% downpayment and higher interest rates. At least that's what i was offered