Expat Mortgages

Getting a mortgage when you are abroad or returning home can be frustrating. At Mortgage123, we make the process simple.

How does it work?

For Expats, securing a mortgage can come with a few obstacles, so it is important for borrowers to understand what will be required of them throughout the process. Typically, the bank will lend 65% of the house purchase price and the buyer will need to have saved the remaining 35%.

Why Apply Now?

If you return to Ireland, you will need a minimum of 12 months in full-time permanent employment before you can apply for a mortgage.

In Ireland, a lot of auctioneers will not accept a offer bid on a property unless evidenced mortgage approval is shown.

Schooling and third level planning.

Where Do You Start?

Talk to Darragh O’Sullivan our expert Expat mortgage advisor. Darragh has helped hundreds of people secure their forever home in Ireland. Read Darragh’s recent article for The Irish Times on expat mortgages.

Book a chat with Darragh today to assess your options.

Contact Numbers:

00353 – 86 – 7246563

00353 – 61 – 513076

Or drop him an email at [email protected].

Expat Mortgages FAQs

A mortgage is simply a long-term loan that’s used to pay for a house.

A first time buyer is defined as a borrower to whom no housing loan has ever before been advanced. Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer. (Central Bank of Ireland).

Central bank deposit rules require a 10% deposit for first time buyers. So if the value of your property is €200,000, you’d need a deposit of €20,000.

With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between the lender and borrower.

Although a fixed rate means your repayments cannot increase for a set period of time, your repayments will not fall during the fixed rate period. As a result, you could miss out on lower interest rates and lower repayments. Fixed rates may cost more over the long run but they offer peace of mind as you know your repayments will not rise during the fixed rate period.

Variable rates offer the most flexibility. They allow you to increase your repayments, use a lump sum to pay off all or part of your mortgage or re-mortgage without having to pay any fixed rate breakage fees.

However, because variable rates can rise and fall, your mortgage repayments can go up or down during the term of your loan.

Your repayments will depend on how much you borrow, the term or length of your mortgage as well as the interest rate that you’re charged.

LTV, or loan-to-value, is all about how much mortgage you have in relation to how much your property is worth. It’s normally a percentage figure that reflects the percentage of your property that is mortgaged, and the amount that is yours (the amount you own is usually called your equity).

For example, if you have a mortgage of €150,000 on a house that’s worth €200,000 you have a loan-to-value of 75% – therefore you have €50,000 as equity.

The process can be daunting so it makes sense to find a mortgage broker  that can take the pressure off. A good advisor will simplify the process, gather all your information, advise you on ways to save for a deposit, know whether you should opt for a 25 or 35 year term, and most importantly, they’ll shop around for the best possible mortgage deal for you. It doesn’t cost you a cent to chat with an advisor because their fees are usually covered by the mortgage lenders.

  • Assess your chances of getting a mortgage
  • Recommend measures to secure mortgage approval
  • Fill out your application and make sure you have everything in place
  • Get a quote from each bank for you and recommend the best
  • Calculate the additional tax and legal expenses involved in the purchase
  • Make sure all runs smoothly and stress-free for you

Mortgage Guide

Get the information you need to start your journey to buying your dream home!

Mortgage Checklist

A list of the key documents you need when applying for your mortgage.

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