Mortgage based on a UK income

[Frank H]

Hi - first time poster (second if you have read my question under 'Tax' section.

My family and I will be moving to Mayo from the Uk in spring or Summer 2007. I have not yet found a job in the region. However, I have been given the opportunity my current employer to retain my existing job and commute (flights) on a part-time basis back to the UK. My salary will continue to be paid by my UK employer into a UK bank account. I will transfer money on a monthly basis into an Irish account. My spouse (an Irish national) does not currently work, but may seek employment upon return to Ireland and we have two children under the age of 5.

I hope sombody can advise on these issues:

We intend to build a new house or buy once we have settled into Mayo (with family or renting at first), but will there be any major issues with getting an Irish mortgage if my income is solely from the UK? What would be the maximum % of the property (or site + build price) that I could get? Also are there any issues with property/mortgage tax releif etc that I will be exempt from if I pay tax in the UK and not in Ireland?

Anything else I should be aware of will also be gratefully received!


Many thanks in anticipation.
FH

 

[NorfBank]

Maximum 80% loan to value if using income from outside the state (usually - will depend on strength of applicant)
Presumably if you don't pay tax in Ireland you are not eligible for tax relief here.

 

[Frank H]

Thanks - very useful.