It's been a while since I looked at the mortgage market in Ireland and I'm aware it's continuously changing these days.
Is anyone aware of how easy or difficult it is to get an Irish mortgage with a UK Income - for a cross-border worker?
I'm aware that banks have tightened up criteria and the exchange rate risks adds a whole new layer of complexity.
If any banks are still doing cross-border worker mortgages, I'd assume that they factor in a margin of error for exchange rate fluctuations.
However, this doesn't worry me because the person applying is in a pretty good position and, if the banks are entertaining mortgages for those with a UK income at all, they should get one.
Criteria:
Property Price: €165,000
Deposit: €70,000
Salary: £29,417 (sterling)
Mortgage Required: €95,000
Based on today's exchange rates, they are looking at a salary multiple of about 2.75. If the bank were to reduce their salary by 10% for exchange rate risk, they'd still not be much over a multiple of 3. In fact, currency could move against them by 20% and they'd still have a salary multiple of 3.5.
What chances do they stand in the above situation?
Is anyone aware of how easy or difficult it is to get an Irish mortgage with a UK Income - for a cross-border worker?
I'm aware that banks have tightened up criteria and the exchange rate risks adds a whole new layer of complexity.
If any banks are still doing cross-border worker mortgages, I'd assume that they factor in a margin of error for exchange rate fluctuations.
However, this doesn't worry me because the person applying is in a pretty good position and, if the banks are entertaining mortgages for those with a UK income at all, they should get one.
Criteria:
Property Price: €165,000
Deposit: €70,000
Salary: £29,417 (sterling)
Mortgage Required: €95,000
Based on today's exchange rates, they are looking at a salary multiple of about 2.75. If the bank were to reduce their salary by 10% for exchange rate risk, they'd still not be much over a multiple of 3. In fact, currency could move against them by 20% and they'd still have a salary multiple of 3.5.
What chances do they stand in the above situation?