Moving home to Ireland - Mortgage query

[Max Johnson]

I am trying to buy a house in Ireland to move home to. I see very cheap property outside Dublin - under 75k.

AIB have told me that I absolutely have to get a buy-to-let mortgage at 4.8% (rather than the 3.3% for a residential mortgage) with 35% down (not chuffed, but doable) and then after I have moved back to Ireland, get a job and reapply for a residential mortgage at that point.

Does anyone know if this is this standard policy for returning emigrants/non-domiciles?

Seems like a fair whack over the going rate.

Thanks

 

[Ihana]

You can wait six months after returning and apply then. Otherwise try other providers or a good broker.

 

[Max Johnson]

You can wait six months after returning and apply then. Otherwise try other providers or a good broker.

Much appreciated, Ihana.

 

[Ihana]

Don't just take my word for it though!!!

 

[Max Johnson]

I'd have no difficulty making the payments on a 50k loan in the year before I moved.
Paying the extra 1.5% while having renovations done would bother me though. Seems unfair - but then that's hardly unusual.