Non-Resident Mortgages - HELP

M

moo

Guest
Hi all

Myself and my girlfreind are currently in the process of moving back to Dublin from London. To this end we have spent the summer going over and back and eventually, through patience really we won our fourth bidding war.
The main probelem with the move back was obtaining a 90% mortgae as at present we are considered to be non-resident. Our mortgage broker found a bank (I'm not sure if I'm allowed mention them at this stage) who was willing to lend us the 90%, so we went with her, even in truth she was always curt and always in a rush when contacted.

So, bid accepted, survey complete, solicitor acquired, phew mode. Just waiting for first contact between the estate agent and the solicitor and then the broker rings me saying that the bank has decided to change it's loan amount to 80%. Now everyone concerned here was made fully aware of our situation from day one. And then last minute, they've whiped the carpet from under our feet. Less to say the brokers solution of getting a lend of our parents was impolitely rebuked. To be honest I didn't see this coming and I reacted, well I went mad, basically why has this only come out now, I told you 2 weeks ago we bounght the house, you've known we've been looking for 6 our so, we met you to discuss mortage types etc........

Now all our plans are in the hands of some bonding comittee, and we've being waiting 4 days for a decision, meanwhile the estate agent thinks that all is well. So here I am, losing faith in some sections of humanity, anyone any advice.......
 
moo said:
Hi all

Myself and my girlfreind are currently in the process of moving back to Dublin from London. To this end we have spent the summer going over and back and eventually, through patience really we won our fourth bidding war.
The main probelem with the move back was obtaining a 90% mortgae as at present we are considered to be non-resident. Our mortgage broker found a bank (I'm not sure if I'm allowed mention them at this stage) who was willing to lend us the 90%, so we went with her, even in truth she was always curt and always in a rush when contacted.

So, bid accepted, survey complete, solicitor acquired, phew mode. Just waiting for first contact between the estate agent and the solicitor and then the broker rings me saying that the bank has decided to change it's loan amount to 80%. Now everyone concerned here was made fully aware of our situation from day one. And then last minute, they've whiped the carpet from under our feet. Less to say the brokers solution of getting a lend of our parents was impolitely rebuked. To be honest I didn't see this coming and I reacted, well I went mad, basically why has this only come out now, I told you 2 weeks ago we bounght the house, you've known we've been looking for 6 our so, we met you to discuss mortage types etc........

Now all our plans are in the hands of some bonding comittee, and we've being waiting 4 days for a decision, meanwhile the estate agent thinks that all is well. So here I am, losing faith in some sections of humanity, anyone any advice.......
Click to expand...

Can you clarify if your agent 'thinks all is well' because she is trying to find a 90% mortgage for you from another bank........or you suspect nobody is doing anything? I know it is very stressful but these things do take time, especially from long-distance. What does purported 'non-resident' status have to do with this if you are both Irish and returning to live in Ireland? That should not affect or limit your access to any kind of mortgage. If you can give a bit more detail on yours and your partner's circumstances I'm sure you will get some useful responses.
 
Do you have jobs lined up here and ready to go? NO lender will advance more than 80% to non resident applicants. Please post more about your status and requirements and I'll advise accordingly.

Sarah

www.rea.ie
 
Thanks for your replies.

Firstly, our broker said she checked all the other banks and the lending limit is still the same, 80% because we are non-resident.

That’s why we went with the IIB via her as they had said, 90%. As the broker had previously used IIB to obtain a 90% mortgage for an Irish accountant in the Cayman Islands. she thought that there would be no problem with our application, i.e. non-residency not affecting his loan .



This does seem to be the pertinent point, non-residency. I am Irish and have only been out of the country for 11 months and my girlfriend is Spanish, but I don't think that’s of any consequence. The main problem must be the fact that we don't have jobs lined up in Dublin as yet. This is because my girlfriend’s bonus isn't due till next February and movement before that isn't possible (and fiscally mad). There is a strong possibility of her getting a transfer to the Dublin office then but this won' be formal till a budget review is undertaken in the new year. Also my ex-company verbally offered me a job if I wanted to return but it was verbal, although I had worked there for 4 years since start-up and left for purely personal reasons, so I've no reason to presume is was a false promise.
Thats the best we could do in terms of job offers...


If I had known that every bank only offered 80%, then fine, that’s the way it is. We wouldn’t have flown over countless times to look at houses and taken holidays to do it, went and got a solicitor, put ourselves through the hassle of losing 4 houses, etc, etc….

But for a broker to agree on a 90% loan and then the bank to reassess after we’d agreed on a house, I feel duped and cheated really.



Okay we don't work in a tax haven, but we are reasonably good earning professionals……

The brokers meeting the account manager today for the last time, what are the chances of her changing her mind, slim to none..
 
I'm sorry to say but I think you've been duped. Any broker should know that, in almost all cases, non resident can only borrow 80% because the lenders can't get indemnity insurance for non residents, no matter what their nationality. IIB are no different. I have got 85% from Ulster Bank once in the past but that was for a family who were moving to Ireland but the main earner worked in the oil industry in the Middle East. Have you tried your own bank?

Sarah

www.rea.ie

Edited to add; this isn't the first, and sadly probably won't be the last, time I've heard of brokers - and lenders - promising one thing and then not being able to come up with the goods at the last minute (and knowing it from the start). I think they rely on the fact that family will step in to save the day. It stinks, it really does.
 
Thanks for the advise Sarah.
Yea I completely agree, it's morally wrong.
But hey thats just me, they don'd know me they think with their wallets really.
It would break my heart though having to do that to people...
I'd love to be able to invoice the IIB for the amount we've wasted toing and froing etc., but that's a non-starter I'd imagine, read the small print...
We've come across a glimer of hope via another broker but I'm not holding my breath.
I had a look at the REA website as well, seems vey informative.....
 
I very much doubt it was IIB - if they had approved it initially there would be no reason to 'reasses' it unless any information had changed. Have you called them directly? (01 6646500) Did you get anything in writing from IIB? (not the broker).

Sarah

www.rea.ie
 
I was waiting for my mortgage to actually draw down for sure and the sale to close before I commented on this thread as it made me a little nervous by stating that no lender would do 90%.

I actually managed to get and have now drawn down a 90% mortgage from one lender and at present I am non-resident in Ireland (though I am a Chartered Accountant working in a tax free jurisdiction so that may have helped). I went through a broker who was able to get just one offer of 90% (but of course that was enough and they weren’t uncompetitive to the market either), all the rest were 85% or less.

I also dealt direct with IIB who do the Chartered group scheme and they initially indicated verbally that they could do 90%. In fairness this was in the context of an informal chat, but when I subsequently submitted the application which was based on the same facts outlined to them verbally the best they could offer was 80% though they later verbally offered to go as high as 85% which I declined due to the fact that I had by then received the other offer of 90%.

I also tried one or two other lenders direct as well and some of them were offering as low as 75%.
 
Hi

we were also looking for a non residents mortgage, but we dont have proof of income, only that we have a deposit of 200k, so we thought, maybe we would of got a 50% mortgage based on savings plus other assets, but it would appear, its a no go area, well, we dont seem to get any replies, and when we have, they say, you have to be a resident to self certify, I find this strange, as, we are only looking towards 50 -60 % borrowing!!
 
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