Mortgage app when you also have an overseas mortgage

lougre

Registered User
Messages
20
Hi

Going for a mortgage in Ireland for first time. We have a house in Aus valued $290k loan balance $270k.
Interest only repayments of $1100max per month. rental income 335per week.
If we disclose this are we classed as second time buyers in Ireland?
How much info would we expect to give banks here: all aus accounts?
House valuation?
Rental statements?
Would our stress test include an Interest rate increase on the Aus house loan too?
Any info or links regarding applications here when applicant has overseas mortgage too, most welcome.
Thanks
 

Dave_Curry_IMC

Frequent Poster
Messages
112
If we disclose this are we classed as second time buyers in Ireland?
Yes. The Central Bank definition of a first time buyer is someone who has never taken out a housing loan.

How much info would we expect to give banks here: all aus accounts?
House valuation?
Rental statements?
Yes. The banks will want to examine your finances in the same way as if you lived here. You will also most likely also have to provide a credit report.

Would our stress test include an Interest rate increase on the Aus house loan too?
Yes. On capital + interest, not interest-only. This will reduce your borrowing capacity. And they may not take any of the rental income into account. The better the location, the more likely that some (not 100%) of the rental income will be factored in.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl
 
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