Can you get a mortgage outside the county you work in. Work Dublin want to move to Cork

P

pyrite

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Hi,
Can you get a mortgage for a house purchase in Cork if your job is in Dublin.

We want to re-locate to Cork as a family.
We would be looking for a mortgage of around 100k and will purchase a property for around 350K
The rest will be savings.
We are currently in the process of selling investment properties and come mid 2017 we would be in a position to move.
Will ask work at this time whether can work 2 days a week in Dublin and 3 days from home if they give the go ahead on this will keep job. Otherwise would be job hunting in Cork.
 
Not sure how a mortgage lender would look at someone who is planning to quit their job.

They might give you a mortgage to buy an investment property in Cork.

You could move into that property when you move to cork.

But, it seems a lot cleaner for you to sell your house in Dublin and move to Cork and rent for a while. When you have a job, get a mortgage.

Brendan
 
Hi Brendan
Thanks for getting back to me
I have 75K on a tracker that I could move with a 1% add on when moved. This is why we would like to do it in one go.
We are a family of 5 3 small kids under 4
My wife and myself currently work and have saved up a good bit cash.
Ideally what would happen is my wife would be able to stay in her Job and stay in Dublin 2 nights a week. I would give up work and look after the children.
If we where to go down the investment route would and then move down can we at that stage switch the mortgage back to an primary residence mortgage instead.
 
OK, so you have €75k on a tracker of say 0.8%.
If you move this to another home, the rate would increase to 1.8%. You would pay the market rate on the balance, if any.
With a low LTV you can get a mortgage at 3.1% which should fall.
So if you lose your tracker, you will lose the difference between 3.1% and 1.8% or around 1.3%.
1.3% of €75k is around €1,000 a year.

As it's a tracker, you are paying down the capital at a very fast rate - so it will probably fall to around €500 interest differential in 5 years.

In other words, forget about keeping the tracker and just make the move which is right for you.

If you sell your home, you will probably have 6 months to buy in Cork and keep your tracker.

Your wife can rent a flat in Dublin if she is here only 2 nights a week.

Brendan
 
I live in Dublin but work for a company based in other parts. It has never raised any questions when applying for mortgages
 
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