Getting mortgage approval with foreign transfer on my bank statement

Coming up to end of my probation at work in mid November, and keen to get started with mortgage AOP and house hunting.

In June my better half transferred me €8k, and I transferred €7.5k of that to England to clear a credit card balance there. So the 8k will be on both our statements for that month, and then I have a transferwise payment for the 7.5. I have since closed all my UK accounts, and all my spending since then has been within Ireland and very ordinary.

It would be a joint mortgage, the deposit savings are all from her side, and she's fully aware of what I did with the money. Yes mam, I know this one's a keeper.

How much hassle is this likely to be when getting a mortgage approval in Nov, and will lenders here be looking for any documents from my UK accounts? If the statement period is 6 months and nobody asks further back than that, I'm tempted to just wait into the new year and not mention it at all, since the 6 months would be from July in that case. But on the other hand that's 6 weeks more of twiddling our thumbs and paying rent. Thoughts?

How long have you been resident in Ireland?

RedOnion said:

How long have you been resident in Ireland?

Click to expand...

4 years

In my recent experience lenders are a bit anal when it comes to foreign earnings. You'll probably get approval no problem but when it comes to actaul draw down they'll look for credit ratings from other countries you've lived in (translated into english if they happen not to be Anglophone) and translated bank statements of those accounts. Best of luck as you'll be dealing with slow, more than my job's worth type of clerics. Logic is never part of the equation as they have a checklist to tick off.

Flybytheseat said:

In my recent experience lenders are a bit anal when it comes to foreign earnings. You'll probably get approval no problem but when it comes to actaul draw down they'll look for credit ratings from other countries you've lived in (translated into english if they happen not to be Anglophone) and translated bank statements of those accounts. Best of luck as you'll be dealing with slow, more than my job's worth type of clerics.

Click to expand...

That's what I was concerned about. Would waiting out the 6 months since I did this, so there would be nothing on my Irish statements to show a connection to another country, mean I could avoid all the above? Or do they ask for years worth of documents at drawdown?

If we could get approval in Nov but only have to show the 6 months most recent statements as of the drawdown date next year, I think that would solve my problem without losing any time. Too good to be true?

davebr said:

That's what I was concerned about. Would waiting out the 6 months since I did this, so there would be nothing on my Irish statements to show a connection to another country, mean I could avoid all the above? Or do they ask for years worth of documents at drawdown?

If we could get approval in Nov but only have to show the 6 months most recent statements as of the drawdown date next year, I think that would solve my problem without losing any time. Too good to be true?

Click to expand...

In my case even though I have been back living in the country for over 20 years they still wanted a credit rating from the country I lived in 21+ years ago possibly because I still had an online share trading account based in that country. Drawing down the mortgage was a nightmare despite having a very good wage and an excellent credit history. I dealt with load of "jobs worth" individuals who dont care about common sense. Also my mortgage provider was very slow in reviewing documentation I provided and each time came back with further new clarifications required. Took me over 4 months to go from mortgage approved and offer accepted to contracts signed and mortgage draw down due mainly to bank burocracy. The property vendor nearly withdrew from the sale agreed due to the delay which was outside of my control.

davebr said:

Too good to be true?

Click to expand...

Maybe.

If lenders get any indication that you lived in UK, they will most likely ask for a credit record from the country you lived in.
AIB/EBS/Haven and Avant definitely will.

Coming back to update this if anyone is interested. It's good news too, we got a house and have just moved in.

Waited into the new year to apply with 6 months clean statements, and they never asked for any foreign documents (lender Haven and broker mortgages.ie). Both just took our word for it that we had been in Ireland for over 3 years (the period Haven looks for foreign credit reports just based on residence, even if no accounts declared) and had no foreign accounts open as of AIP date. The only delays were from the sellers side, nothing major and all sorted out now.

I don't know if the brokers spun Haven a yarn somehow and persuaded them to skip any of the usual checks, but haven't seen anything to suggest that. Looks like it was just nodded thru.

davebr said:

Coming back to update this if anyone is interested. It's good news too, we got a house and have just moved in.

Waited into the new year to apply with 6 months clean statements, and they never asked for any foreign documents (lender Haven and broker mortgages.ie). Both just took our word for it that we had been in Ireland for over 3 years (the period Haven looks for foreign credit reports just based on residence, even if no accounts declared) and had no foreign accounts open as of AIP date. The only delays were from the sellers side, nothing major and all sorted out now.

I don't know if the brokers spun Haven a yarn somehow and persuaded them to skip any of the usual checks, but haven't seen anything to suggest that. Looks like it was just nodded thru.

Click to expand...

Congrats on the good news! In a similar situation and waited till the new year (now) to apply. I have provided what I thought was 6 months statement (July to Dec) but they are asking for June statement. Which 6 months did the bank ask for if you applied in the new year?