Non Resident Mortgage

E

evman99

Registered User
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8
Hi

I am an investor located outside of Ireland.

I am looking to buy an investment property (buy to let) in Ireland.

Does anyone know the ins and outs of getting a mortgage as a non resident. Can anyone recomend a bank or mortgage broker that has experience in doing it.

I am looking for a 50-70% LTV ratio on the mortgage

Thanks

Evan
 
Hi Evan,

Mortgages for non-residents are very difficult to arrange at present. At a minimum, lenders will want to see evidence that you have sufficient earned income to pay the mortgage from income, as well as all your obligations in your own country, without reference to potential rental income. The lower the LTV, the better, so 50% is good.

The less tangible one is the lenders' fear that a non-resident can simply disappear in the event that the rental property market here goes wrong for them. Yes they can repossess the house but no lender actually wants the expense and hassle of going through that process. They want to know that they can chase the person instead.

Factors that help with that one...

  • Working for a multi-national company that would be known here. Especially if you're working at a high level.
  • "Irish connections", e.g. family here.
  • Although it might not sound politically correct, if you yourself are Irish, that's an advantage as you would probably have a history of banking here, a credit record here and possibly some asets still here.
  • Physical location - UK is easier to arrange than New Zealand for example.
Hope that helps.

Liam D. Ferguson
 
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