UK returnee seeks mortgage

B

borderlord

Guest
Hi all, thank for reading my thread.
I am from Fermanagh and am considering moving back from London and buying a property in Cavan. The property will cost around E130,000 and I would hop to have a deposit of around E30-40,000. However as a UK retailer I have not escaped unsctahed for the recession and whilst I have a decent lump to put down I do have 2 (very minor) defaults on my credit file and (effectively) no (verifiable) Irish income. That said i would be starting a new buiness and can 'innovate' a job etc. Where should I go to seek out a mortgage deal. Also the property I'm looking at has tennants in it so would I be wiser seeking a 'buy to let' deal and then switching after a year?
Thanks very much if you take the time to read this and I (really do) look forward to hearing any comments. I've been in London for almost 27 years and am aching to return
 
I'd second what cashier said. You'll need to have a proven history of income here before you'll be considered for a mortgage - 2 - 3 years' audited or unaudited accounts for a self-employed person or a year as a PAYE employee of a business that you're not a director or owner of.
 
thanks for the input guys, I am part of a business here in London - a business which I started 10 years ago but am now a subcontactor in. My brother has quite a large business in Co Cavan o I'm sure something can be done through him. Thanks again
 
borderlord said:
My brother has quite a large business in Co Cavan o I'm sure something can be done through him.
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That would mean personal guarantees. And how many hard luck stories have we heard on those in the last few years. Why don't you come back rent for a couple of years, get your business going and then buy. You'll have a better feel for where you want to live. Having lived in the UK may mean you will not settle in Cavan.
 
Bronte said:
That would mean personal guarantees. And how many hard luck stories have we heard on those in the last few years. Why don't you come back rent for a couple of years, get your business going and then buy. You'll have a better feel for where you want to live. Having lived in the UK may mean you will not settle in Cavan.
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My interpretation is that borderlord intends to become an employee of his brother's company when he returns, which would make obtaining a mortgage simpler.
 
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