Returning to Ireland wondering would we get a mortgage?

bangalore

Registered User
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2
Hi Everyone
I would appreciate advice,
Situation: Husband and I and family wish to return to Ireland. Already have a house with mortgage (capital and interest) which is being paid for by tenants plus top up by us.
We dont plan/wish to return to this house. Was always meant as an investment (ha ha......).
Our dream is to buy some land and farm (part time farm or full time). We have savings, about E350,000. I have been researching properties, so here are my questions: (Oh yes, my husband construction worker, will be able to work but nothing concrete, ie no contract so far. Ditto me, no set job, will look for one, health care professional....I am losing hope writing this down..)

Is there any chance of us securing a mortgage?
If for eg purchase price was 600,000 and we had half the value?
Is there any point applying for mortgage based on earnings abroad?
Is there any way around this?
If one is buying a farm, can the future earning potential of the farm be used to apply for a mortgage?
Basically, I want to live in Ireland, I want to bring my children up in Ireland. I have a dream, my farm, I dont want to give up on my dream.
Yours
In hopelessness
Bangalore
 
I don't feel you have any chance of getting a mortgage without any income/contracts.
The banks probably didn't even do this in the boom years, so there is no chance of them doing it now.
On the bright side - you have a huge savings pot so your dream is attainable. Why not move back and rent somewhere for one year. You could use the time to search for work and apply in 12 months time - your application will look much more attractive then.

Just as an aside, a friend of mine applied for a mortgage with a VERY healthy salary but was turned down as he was still in the probationary period of his contract. He reapplied once he had been made permanent and was accepted.
Take your time - your dream is very attainable, but probably not until one or both of you gets permanent employment.
 
I agree with Macstuff. You have no chance of getting a mortgage without jobs.
You need to be living in Ireland in regular permanant jobs to have a chance of getting a mortgage.

But, it is not hopeless. Dont give up on your dream.

If you want to move back to Ireland. Move back to Ireland as soon as one of you can get a job. Rent somewhere to live and spend some time planning making your dream a reality.

If you plan to buy a farm, its probably a once in a lifetime purchase. If you make a mistake about location, its a very expensive mistake.

It would be better to be living in Ireland, and taking your time choosing a location where you want to spend the rest of your lives.

Good luck. you have the rest of your life to live.
 
I am very familiar with the farming scene in ireland. Firstly in order to have any prospect of making money in farming you will need a Green Cert and extensive experience in the sector. Unless you can take-over an existing dairy operation and are well equipped to hit the ground running in terms of experience you have no real prospects of success in this sector. Responses above are correct. You will not find any bank to support you without evidenece of sustainable existing income sources. Aviod farming, unless you want to in time purchase a few acres as a "hobby" farm.