Mortgage for Expatriate

Hi all
I'm living in the Middle East and hoping to leverage my savings with some bank borrowings to buy a few investment properties.
My bank (BoI) seems uninterested because the currency of my income is not Euro/Dollar/Sterling/Aussie Dollar.
Does anyone know which lenders do offer mortgages to customers like me?
Thanks

Same topic being discussed in this thread

http://www.askaboutmoney.com/threads/buying-house-back-in-ireland.197989/

Thanks for the steer, that is a useful thread, and contains a link to another relevant thread.
The particular issue that I refer to is not however addressed.
It seems that the Mortgage Credit Directive, while not prohibiting mortgages to persons with incomes in currencies other than Euro/Dollar/Sterling/Aussie Dollar, imposes administrative burdens on lenders in these circumstances. As a consequence BoI appears to have decided not to make loans to such customers.
I am asking if anyone else has faced this issue, and/or found a lender who will give a mortgage in these circumstances.

Joe Hill said:

The particular issue that I refer to is not however addressed.
It seems that the Mortgage Credit Directive, while not prohibiting mortgages to persons with incomes in currencies other than Euro/Dollar/Sterling/Aussie Dollar, imposes administrative burdens on lenders in these circumstances. As a consequence BoI appears to have decided not to make loans to such customers.
I am asking if anyone else has faced this issue, and/or found a lender who will give a mortgage in these circumstances.

Click to expand...

Well did you read that link because one poster said someone in the UAE got a loan?

What are the administrative burdrens of which you speak? Never heard of them.

Thanks Bronte

I did read the link, and therein I read that the poster said someone in the UAE got a mortgage last year i.e. prior to the transposition of The Mortgage Credit Directive.

The administrative burdens relate to the obligation to keep mortgage holders updated periodically regarding exchange rate movements. Chapter 9 Section 4 states "Member States shall ensure that where a consumer has a foreign currency loan, the creditor warns the consumer on a regular basis on paper or on another durable medium at least where the value of the total amount payable by the consumer which remains outstanding or of the regular instalments varies by more than 20% from what it would be if the exchange rate between the currency of the credit agreement and the currency of the Member State applicable at the time of the conclusion of the credit agreement were applied."

Bank of Ireland appears to have decided that it will only do this for US Dollar/Stg and Aussie Dollar.

Again, if anyone has relevant advice I would be grateful.

No wonder banks are still goosed. Borrowers with tax free earnings denominated in a currency pegged to the US dollar are deemed undesirable. Someone earning in the UAE is probably better placed to service an Irish mortgage than someone in Ireland!

As far as I know, following the enactment of this directive this month, AIB are only going to offer non-resident mortgages to those earning in GBP. KBC Bank and Permanent TSB are the other banks in the market that offer non-resident mortgages, so they would appear to be your last options for now.

Update: PTSB will still offer non-resident buy-to-let mortgages, as the income that will be paying for the mortgage will be generated by the rental income, which will be in euro, hence they don't need to be concerned with the currency in which the applicant is paid. They have extremely strict criteria around rental income, though, irrespective of the financial strength of the borrower. If the proposed rental yields are good, and you don't need a high LTV (70% is high - the lower, the better), then you could be ok.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl