Expat Mortgages

Expat Irish citizens moving home may find it challenging to secure a mortgage to purchase a home after they return to Ireland. However, there are options open to you if you wish to buy a property following your move home.

It may also be possible to purchase a property in Ireland if you are an Irish citizen working abroad with an overseas mortgage.

MortgageOne is a long-established financial services company with a proven track record in securing mortgage and insurance solutions for our customers, including expat and overseas mortgages.

You may find that as an expat, or an Irish citizen working abroad who wishes to buy property in Ireland, that lending criteria may be stricter for an expat or overseas mortgage.

Applying for a mortgage as an expat may be trickier but your financial history in the country you have moved from may be taken into consideration, allowing you to secure a mortgage with a lender in Ireland.

Typically, for a first time or second and subsequent property buyer, you are required to have saved a 10% deposit. The maximum loan-to-value ratio under Central Bank lending rules is 90%.

However, with an expat mortgage, you may be required to have a 30% deposit, with borrowings of no more than 70% of the property price (70% LTV).

In Ireland, the Loan-to-Income (LTI) ratio for mortgages generally restricts borrowing to 4 times your gross annual income for first-time buyers and 3.5 times your gross annual income for second and subsequent property buyers. For joint purchasers, the limits will apply to your combined salaries.

In the case of expat mortgages, where you are paid in a currency other than the Euro, you may find that lenders will consider only 80% of your income to allow for currency fluctuations.

You will be required to provide a lender with evidence of savings, bank statements, and payslips to demonstrate that you are eligible for the mortgage, and your ability to repay the mortgage. Your current financial commitments will also be considered.

You will need to have an Irish bank account to transfer your deposit, be paid your salary, and in order to set up direct debits for mortgage repayments etc.

Your credit history in Ireland and abroad for the last five years will be checked so ensure that you have a good credit score before applying for an expat mortgage. If you can pay off any overdrafts or loans, this will improve your credit score.

You may need to have secured permanent employment and have lived and worked in Ireland for at least 12 months before you can apply for a mortgage in Ireland. For overseas mortgages, you may be required to demonstrate that you have a reason to own a home in Ireland.

If you intend to continue working for your current employer after you move home to Ireland, you may need to provide confirmation from your employer that you can work from home.

Self-employment is not a barrier to getting an expat mortgage but your business will need to be fully tax compliant, successfully trading for a number of years, and you will need to demonstrate that the business will generate the same turnover in Ireland following your move.

Finding a specialist, qualified mortgage advisor is essential, especially if you are purchasing a property from overseas.

MortgageOne can help to secure mortgage approval for you, even if you are buying a property in Ireland as an expat who has recently returned to Ireland or you are an Irish citizen overseas looking to buy a property in Ireland.

We will help you to navigate what can be a frustrating process with our straightforward online expat mortgage application.

We can advise you on the complex requirements and work with leading mortgage lenders to get you a great mortgage rate and ensure that your expat or overseas mortgage application is successful.

You can also apply for mortgage protection and home insurance online, which will be required if you wish to purchase a property in Ireland.