Applying for a mortgage while still in US?
Hello, I don't see this topic elsewhere, sorry if this is a duplicate.
We are moving to Ireland end Summer. I am fortunate in that I will be able to keep my current job and do it from Ireland. I'm finalising all the details with my company at the moment. We have found a house we like and want to start bidding on it to ensure we get the best house we can for our family (it seems "perfect" - there is no such thing haha).
However we're finding it a challenge to apply for a mortgage while overseas; even once we can provide the work references and letters etc... Bank of Ireland have told us they won't even let us apply until we are on Irish soil. I fear this is going to become a "thing".
Has anyone here secured a mortgage before they land? I'd love to hear about challenges and how you overcame them.
Thanks in advance
Pauline - sorry to say, but I'm not surprised! Did you read my blog post on here about my ordeal? They give people such a hard time who are coming from overseas. It's ridiculous. I was like you, keeping my USA based job, but earning in Euros into an Irish account. A few of the banks still would not consider my employment until I was in Ireland 6+ months (even though I had been with the same company for something like a decade already).
If it helps at all, AIB were the easiest to deal with in this regard. They were the only ones I found that would accept my past US income in lieu of Irish income. However, I was applying from within Ireland.
Have you tried some mortgage brokers?
I'm trying with AIB right now and they appear to have a more flexible approach towards returning immigrants. I'm in the exact situation as yourself - you would think it would be a no brainer.
We are raiding our 401k (expensive) to reduce the loan amount dramatically. Still no guarantees but we'll have to do it to make us a more attractive lending prospect I think. We're keeping our house here and we have a small 3 bed semi in a different part of Ireland that has a small mortgage on it but is rented out. We're not the most straightforward situation either which is giving me huge anxiety and nightmares! AIB said I'd have to produce at least one payslip in Ireland before they release the mortgage. I can possibly finagle that with my company (start me before I go versus after I get there) but I have a few fine lines I'm crossing it seems.
Sure it's all part of the adventure I suppose (more Tums please).
I'll post how I get on with AIB in case it's useful for any new returners.
They sure don't make it easy, Pauline. Certainly an adventure!
I know lots of people would appreciate hearing how you get on with the banks. It's always a hot topic here. Definitely fill us in when you get settled.