Working overseas - self-build mortgage.

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Pat319

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OK so me and my girlfriend have purchased a site and are planning to start building next year, we are looking to get a self build mortgage. My girlfriend is working from home in Ireland but I am working in construction over in London. Will me working away and getting paid in sterling have an affect on the application? has anyone else been in a similar situation? any advice would be much appreciated. Thanks
 
Yes, it will have an effect. There is usually a loading that they add on to account for the perceived heightened risk of one of the salaries being paid in a non Euro currency. I seem to remember approx. 5% loading. (I think it was 5%)

That is, if your UK salary is the equivalent of EUR100,000 they would accont for it as being EUR95,000.
Best of luck with your new build, an exciting era in life.
 
Horatio said:
Yes, it will have an effect. There is usually a loading that they add on to account for the perceived heightened risk of one of the salaries being paid in a non Euro currency. I seem to remember approx. 5% loading. (I think it was 5%)

That is, if your UK salary is the equivalent of EUR100,000 they would accont for it as being EUR95,000.
Best of luck with your new build, an exciting era in life.
Click to expand...
Cheers thanks for that
 
i have first hand experience of this.
Partition is alive and well in Ireland.

Both myself and the wife work in the north. Live in the south at the border. It was very difficult for us to get a self build mortgage. Simply, the fact that we were working outside of the state earning sterling. it didnt matter how much deposit we had. Plus it was the hight of the Brexit chaos, 2018, sterling was taking a battering.
Banks in the south want you to be working in the south.
in your case, you might be ok if you apply for the mortgage thru your partner (i presume is working in the south). and as outlined above, your application will be extra stress tested (because the value of the pound could fall further, uk recession etc).
be prepared for the extra paper work with applying.
only one bank would do business with us - Haven. Ulster bank would have, but they were exiting the market.
going forward, as long as both of us are working in the north, we have to stay with Haven, Switching isnt an option to us.

good luck with application, probably 200 euro square foot now.
 
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