Living in the uk and need a mortgage to buy a house in Ireland

T

tech3

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my son and his wife are living and renting a house in the UK .
They want to return home in a few years .
Ideally they would like to get a mortgage now for a family home in Ireland that needs refurbishment .They would over time , maybe 3 years have the the house finished and move into it.
Would anyone be able to suggest any lending organizations who would be willing to give them a mortgage .( not a holiday home mortgage that requires 45% deposit )

They have asked AIB and Bank of Ireland . Answer .. a big fat NO ... reason ....because they are non residents .
They both have good Saving records and a substantial deposit and have good salaries .

How do they get passed this.. . .?
 
They will have to use a 'holiday home' type product as they will not be living in the house on a day to day basis and are working outside the country.

This has always been the case with trying to buy from outside the country and even in the tiger times you would require at least 20% deposit to buy what is either a 'buy to let' or a 'holiday home', it can't be considered a principal residence because it is not.
 
Get them to apply for a buy to let mortgage.
Get them to try the two pillar banks again. Try different branches if they're hitting a brick wall.
They'll need very good salaries (€100k+ each I think) & a minimum 30% deposit,
The house they look to buy must be rentable immediately*
The rent they can expect must cover the mortgage payment.
The rate they'll get will be 5%.
All items will be stress tested so they will need significant surplus net income at present.

I'm currently going through this process at the moment - 2 months into the process and yet to be approved. It is tortuous. Also, the mortgage officer said we were an exception to their rules.

*This puts an end to their plans for a doer upper which was our original plan. On a side note, some estate agents have told us that many houses needing work are not selling because the Banks won't lend for the purchase price and the costs of doing them up (houses needing material work €50k+). In those cases they'll only lend on the purchase price which means the house buyer has to fund improvements from equity rather than 80% debt / 20% equity. And apparently there's not many out with a large enough deposit (who also need a mortgage) to do this.
 
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