Foreign employer

[finny]

Is it possible to secure a mortgage under the regular terms if resident in Ireland but employment contract with UK based employer (affiliated to London office but hybrid working)? Irish payroll, tax etc is all compliant. Trade up purchase.

 

[ClubMan]

Are you on a fixed term contract or are you a full time employee who has already served any probationary period? If the latter then I can't see there being any issue in relation to your employment status. But if they run an Irish payroll I would have expected this to be done via an Irish registered company?

 

[finny]

Are you on a fixed term contract or are you a full time employee who has already served any probationary period? If the latter then I can't see there being any issue in relation to your employment status. But if they run an Irish payroll I would have expected this to be done via an Irish registered company?

I understand that I would accept a fixed-term contract with 6 months probation - standard terms. I was wondering whether, after probation, we could go for a mortgage to size up. They're sorting the payroll stuff, I'm not sure how I think it'll be a branch (no need for a registered company). My partner is a sole trader in a covid impacted industry and only just off the PUP so it'll be on my income alone.

 

[ClubMan]

I understand that I would accept a fixed-term contract with 6 months probation - standard terms.

Are you saying that you are on a fixed term contract or not? Or that this is a job that you're just considering at the moment?

I was wondering whether, after probation, we could go for a mortgage to size up.

I don't understand what this means .

 

[finny]

Are you saying that you are on a fixed term contract or not? Or that this is a job that you're just considering at the moment?

I don't understand what this means .

I am considering taking a role with a foreign-based employer. A big factor in this is whether we will qualify for a mortgage in Ireland. We're not first-time buyers. We already own a home and need "size up" as our son has additional needs.

 

[ReesesPieces]

We got a mortgage while my OH was working in the UK - at the time flying over once a week. It was a good few years ago, so less common, but we were told some banks would adjust for the currency fluctuation. The advise was Ulster Bank would discount the salary by about 20%. to allow for currency fluctuation, in the end we went with AIB who basically took the most favourable exchange rate in the previous two months, added it to my salary, and multiplied by 2.5. No idea if practices have changed: it was just before/around the time of the Brexit vote so actually the currency value did drop considerably but it didn't effect us paying the mortgage. Thankfully we both earn in euros now and don't have a brutal commute.

 

[lff12]

I understand that I would accept a fixed-term contract with 6 months probation - standard terms. I was wondering whether, after probation, we could go for a mortgage to size up. They're sorting the payroll stuff, I'm not sure how I think it'll be a branch (no need for a registered company). My partner is a sole trader in a covid impacted industry and only just off the PUP so it'll be on my income alone.

Being on a fixed term contract could be an issue. If you are the only borrower you'll probably need to talk to a broker, mainstream lenders don't look favourably on contract workers, regardless of where their employer is. As someone correctly pointed out below, there also might be differentials in currency they might want to account for, but if you are not being offered a "permanent" or "wholetime" contract, this would have a very high bearing on your ability to get a mortgage, far more than your partners time on the PUP (which is due to expire soon anyway).