Mortgage approval with foreign earnings

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Deadwood93

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I apologise if this has been asked recently.

I am currently working for a UK company and earning in sterling. Living in Ireland for the last 30 years

I have spoken to a few banks recently about starting the mortgage approval process.
PTSB was a flat out no
AIB said it would be very difficult (also only using 80% of my salary )
EBS didn't seem to care in the slightest
Various mortgage brokers have told me that many providers would not even entertain the idea.

I am hoping someone out there has gone through this recently and can offer some advice, all advice is welcome as well.

Many thanks for taking the time to read this.
 
There's only 1 option: AIB or their subsidiary EBS (and their broker channel Haven). A broker can apply to Haven, you must apply yourself to AIB.

BOI withdrew from that market in 2021.

And yes, affordability is stress tested more than normal.
 
RedOnion said:
There's only 1 option: AIB or their subsidiary EBS (and their broker channel Haven). A broker can apply to Haven, you must apply yourself to AIB.

BOI withdrew from that market in 2021.

And yes, affordability is stress tested more than normal.
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Thank you for that
 
@Deadwood93

Could your employer pay you your sterling salary converted to euros?

A small employer might be flexible on this and maybe deduct the FX fees.

It would give you a lot more options with mortgage approval in Ireland.
 
IANAL but it you're working within a jurisdiction and thus entitled to enjoy the same employment rights and protections as every other worker in this jurisdiction, doesn't that extend to getting paid in the legal tender of that jurisdiction, as anything else will sooner or later disadvantage you as it has done here?
 
RedOnion said:
There's only 1 option: AIB or their subsidiary EBS (and their broker channel Haven). A broker can apply to Haven, you must apply yourself to AIB.

BOI withdrew from that market in 2021.

And yes, affordability is stress tested more than normal.
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I got a mortgage with BOI in July 2022 on a sterling salary. It was a joint mortgage, my husband has euro income. They only factored in 80% of my income.
 
T McGibney said:
doesn't that extend to getting paid in the legal tender of that jurisdiction,
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IANAL either but I imagine freedom of contract applies.

Deadwood93 said:
Unfortunately I've asked for this in the past and they won't move on it.
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Push harder if you can and see if you have colleagues in the same position who would support you. Even with a handful of euro-area employees your employer will have this same problem.
 
Daisy duke said:
I got a mortgage with BOI in July 2022 on a sterling salary. It was a joint mortgage, my husband has euro income. They only factored in 80% of my income.
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Joint income would have helped you I think.

Under the Mortgage credit directive there are restrictions in that a lender can only offer you a mortgage in a different currency to your income if they can offer you fx hedging (you don't have to use it, but they must be able to offer it). The last time I looked at it BOI weren't offering the option, but that may have changed, or they may look at it in specific cases.
 
RedOnion said:
Joint income would have helped you I think.

Under the Mortgage credit directive there are restrictions in that a lender can only offer you a mortgage in a different currency to your income if they can offer you fx hedging (you don't have to use it, but they must be able to offer it). The last time I looked at it BOI weren't offering the option, but that may have changed, or they may look at it in specific cases.
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Yes joint income likely helped, and we didn’t have a large mortgage.
Aware of the mortgage credit directive as I was caught up for many years with KBC and I could not switch as a result of foreign income.,
 
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