Skip to main content Skip to search

Expat Mortgage

Expats returning home – How long do we need to be back home before we can apply for a mortgage?

Generally starting from 6 months, although depending on your industry, some banks can look at a lower number of months. Or say for example you moved over with your same employer; it could be possible to look at lower than 6 months. Another part of the process is that the banks will want to see the last 6 months of your bank statements in order to show your proven ability to pay back a mortgage. Often when people are moving back home, they can incur a lot of relocation costs and are also transferring funds over at different times. The combination of this can make it unclear to the banks what your demonstrated affordability is. We can have a quick look at your bank statements if you wish in order to see should you wait a bit longer based on the account activity.

If you are first time buyers, the first-time buyer lending rules will apply to you. If you ever held a mortgage in Ireland or anywhere else in the world, you will be classed as a second time buyer and second time buyer lending rules will apply to you.

Information correct as of 01/01/2023.

Can we take a mortgage out in Ireland from Overseas?

Yes, although it is a little more complicated and a higher deposit is required. The banks generally prefer that you hold an Irish passport and have a connection to where you are seeking to purchase in Ireland. There are two ways of doing this:

The first option – the purchase should be generally your first home in Ireland. A deposit of a minimum of 35% is required (or more if you do not qualify for a mortgage of 65%). You may be able to obtain a home loan interest rate in certain circumstances. The banks will not consider any rental income on the proposed property as income to cover the mortgage repayments, you will have to demonstrate this from your own surplus income from your current salaries overseas. Essentially the banks will want to see that you can comfortably cover the Irish mortgage repayment on top of your normal living expenses and rent/mortgage payment overseas.

The second option – to purchase through a limited company where the rental income would be considered to cover the mortgage repayments. This option is a lot more convoluted and more expensive. The deposit is at least 35%, investment interest rates apply. You will also have additional solicitor and arrangement fees to pay.

In both scenarios, if you have never held a mortgage before and you decide to proceed with one of the options above, you will lose your first-time buyer status and will be classed as a second time buyer thereafter.

Information correct as of 01/01/2023.