Recently returned to Ireland - First Time Buyer - Advice?

L

Louise22

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I returned to Ireland 1 year ago after many years abroad – I have a limited credit history here (1 year) but clean and no debts/loans. I have a salary of 51K but not permanent although expect to become permanent in time. I have savings in UK for a deposit (23K GBP). I have 2 questions: Am I likely to get a mortgage of around 2.5 times my salary (125K) with 25K deposit? Is there a simple way to monitor exchange rates to try and choose a good time to convert my GBP into Euro to get the best rate?
 
Sounds like you have enough of a financial history to apply, but to be honest, I think you'll find the banks a bit wary until your job is permanent. No harm in asking though (but applying all over the place might set off credit check alarm bells). The amount you are hoping to get, and your deposit seem very reasonable. The actual amount you can borrow will depend on how your current outgoings stack up against what you get after tax. In principle, as I say, the amount does not look out of line with your salary.
 
I'd also suggest that you concentrate on proving affordability through your Irish bank statements. By that I mean show that you're either paying rent to the tune of; or saving every month the monthly repayments on a €125,000 mortgage. Or preferably more.
 
Louise22 said:
I returned to Ireland 1 year ago after many years abroad – I have a limited credit history here (1 year) but clean and no debts/loans. I have a salary of 51K but not permanent although expect to become permanent in time. I have savings in UK for a deposit (23K GBP). I have 2 questions: Am I likely to get a mortgage of around 2.5 times my salary (125K) with 25K deposit? Is there a simple way to monitor exchange rates to try and choose a good time to convert my GBP into Euro to get the best rate?
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You should just talk to the bank and see what they say, but I would say you will have to be in a permanent role before they offer you a mortgage. No harm in asking
 
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