Returning to Ireland - mortgage for overseas citizen

C

Chitown

Registered User
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2
Hi there,

Irish citizen overseas here ( US based ) who will be returning end of 2021 and looking to buy in Dublin next year before going home. Have a sizable deposit saved after our time here and will be a first time buyer.

Are any of the Irish banks open to overseas applicants? I see Haven mortgages are an option but anyone else? I am seconded by an Irish company here, so will have my job to return to.

I could always return and rent for the first year, but given how tight and expensive the market is we would prefer to buy as Ireland is our long term plan.

Thanks for any advice or help.
 
Chitown said:
I see Haven mortgages are an option but anyone else?
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Haven/AIB are really your only option. Bank of Ireland withdrew from the market.

The mortgage credit directive has made it difficult to lend in a different currency to your income, so very little appetite from banks in the area. You might find yourself having to buy with an investment mortgage first until you move back.
I'd suggest you contact a broker that deals with Haven.
 

I was in a similar situation, I ended up just waiting until I got back to have better options. I rented for 6 months, I advise using a broker because even after you return you will face challenges until you have 6 months of statements built up.
 
Dublinbay12 said:
... even after you return you will face challenges until you have 6 months of statements built up.
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Very good point. You'll need a plethora of statements and proofs of address to get yourself up and running.
A friend of mine moved home from The Netherlands (about a dozen years ago) and he'd a tough time opening a bank account. Eventually rediscovered a dormant BoI account from when he was in school and from there got it sorted.
 
I would think twice
 
Dublinbay12 said:
I was in a similar situation, I ended up just waiting until I got back to have better options. I rented for 6 months, I advise using a broker because even after you return you will face challenges until you have 6 months of statements built up.
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Thanks, I think this is the most likely option unfortunately!
 
Chitown said:
Thanks, I think this is the most likely option unfortunately!
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It can be frustrating, but in reality, even if you did get financing you are unlikely to buy until you are back. Living overseas you can't just pop over to see a property after work and in Dublin you are likely to be facing competition for properties. I moved back in October, it took me until January to get a mortgage approved, I closed on a property at the beginning of May. I was on Myhome everyday, viewing lots of properties, I got outbid a few times.

The fun only really starts once you get the mortgage approval! Dublin property market is dog eat dog!
 
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