Yes, foreigners can get a mortgage in Ireland. While expats receive the same mortgage interest rates as residents in Ireland, the process and requirements may differ from those for Irish citizens or residents.
If you are legally resident in Ireland, subject to certain criteria, you are eligible to get a mortgage in Ireland. This applies to EU/EEA citizens, as well as non-EU/EEA citizens with a Stamp 1, Stamp 1G or Stamp 4.
Here’s what you need to know:
Eligibility Criteria:
- Residency Status: If you are a legal resident in Ireland, meeting specific requirements, you can generally apply for a mortgage. This applies to both EU/EEA citizens and non-EU/EEA citizens holding a Stamp 1, Stamp 1G, or Stamp 4.
- Employment Status: Stable and verifiable income is essential. If you’re employed in Ireland, it strengthens your application. If you’re employed abroad, some banks might require that your salary is paid in euros or a stable currency.
- Credit History: A good credit history in Ireland or in your home country is crucial. Lenders will assess your creditworthiness based on your past financial behaviour.
- Deposit Requirements: Foreign buyers may be required to pay a higher deposit, sometimes up to 30% of the property’s value, compared to the 10-20% typically required from Irish residents.
- Mortgage Type: Non-residents may have access to different types of mortgages, but options could be more limited. Some lenders offer specific expat mortgages.
- Stress Test: Irish lenders conduct a rigorous mortgage stress test to ensure you can afford the repayments even under adverse economic conditions.
Steps to Obtain a Mortgage:
- Choose a Lender: Research banks and lenders who offer mortgages to non-residents. Some banks in Ireland, like AIB and Bank of Ireland, provide such services.
- Prepare Documentation: You’ll need to provide proof of income, employment, tax returns, bank statements, and identification. Additional documentation may be required if you’re not residing in Ireland.
- Seek Pre-Approval: It’s advisable to get pre-approval before making an offer on a property. This gives you a clear idea of how much you can borrow.
- Legal Considerations: Work with a solicitor familiar with Irish property law, especially if you’re buying from abroad. They will help navigate legal requirements and ensure your interests are protected.
- Currency Exchange: If you’re earning in a currency other than euros, fluctuations can impact your mortgage payments. Some lenders offer fixed-rate mortgages to mitigate this risk.
Considerations:
- Tax Implications: Non-residents should be aware of potential tax obligations in Ireland and their home country.
- Additional Costs: Be prepared for additional costs, such as legal fees, stamp duty, and property valuation fees.
Foreigners, especially non-EU citizens, may face more hurdles, but with proper preparation and the right lender, it is possible to secure a mortgage in Ireland.
What lenders offer mortgages to foreigners in Ireland?
There are 11 lenders in Ireland that offer mortgages to foreigners, though the availability of such loans and the terms can vary based on residency status, employment, and other factors. Here are some of the main lenders that provide mortgage options for non-residents or foreign nationals:
- AIB (Allied Irish Banks)
AIB offers mortgage products to foreign nationals living in Ireland and, in some cases, to non-residents. They typically require that applicants have a stable income and good credit history.
They also offer expat mortgages for Irish citizens living abroad who wish to buy property in Ireland. - Bank of Ireland
Bank of Ireland provides mortgage options to non-residents and foreign nationals. They have specific criteria for non-resident applicants, often requiring a higher deposit (typically around 30%) and a stable income.
The bank may offer competitive rates for those with a strong financial profile. - Permanent TSB
Permanent TSB offers mortgage products for non-Irish citizens who are resident in Ireland. For non-residents, the process is more stringent, and the terms might include a higher deposit and additional documentation. - EBS Mortgages
EBS does offer mortgage products to foreign nationals who are living and working in Ireland. The usual criteria apply, including proof of income, a good credit history, and a stable job. - Haven Mortgages
Haven Mortgages is a mortgage provider in Ireland that operates as a subsidiary of AIB (Allied Irish Banks). As with their parent bank, they offer a range of mortgage products, particularly aimed at those seeking residential mortgages. - Avant Money
Avant Money offers mortgages to foreign nationals who are legally residing in Ireland. The key requirements typically include proof of stable employment, sufficient income, and a good credit history within Ireland. - ICS Mortgages
ICS Mortgages offers mortgages to foreign nationals, but applicants must meet specific criteria, such as having a stable income, residency in Ireland, and good credit history.
Generally, Finance Ireland focuses on lending to residents of Ireland. Non-residents may face more stringent lending criteria, or might need to explore different mortgage options within the lender’s offerings.
- NUA Money
NUA Money is particularly popular among people who live and work in Ireland but need to send money to family members or pay bills in other countries. They also offer mortgages as Ireland’s first fully digital mortgage platform. - MoCo
A relatively new mortgage provider in the Irish market, known for their digital-first approach and competitive rates, with an application process is designed to be streamlined and efficient. - Credit Union Mortgages
Almost every town in Ireland has a financial institution known as a Credit Union. Every credit union is owned by its members, the people who save with it and borrow from it. A mortgage from a credit union is funded by the savings of other people within your community, and it’s a not-for-profit organisation.
Can I obtain a mortgage for a property abroad, using an Irish bank or lender?
Irish mortgage lenders typically only provide mortgages for properties located within the Republic of Ireland (ROI). To purchase a property in another country, you would generally need to obtain a mortgage from a bank or lender based in that country.
What documents do I need to get a mortgage in Ireland?
To get a mortgage in Ireland, you’ll typically need to provide the following documents:
- Personal Identification such as a passport, marriage certificate (if applicable) and proof of address
- Financial Information such as:
- Proof of income (payslips, tax returns, self-employment records)
- Bank statements (at least 3 months)
- Credit report
- Property Information:
- Property valuation report
- Vendor’s contract (if available)
- Additional Documents (may be required):
- Employment contract
- Proof of residency (if applicable)
- Letters of reference (if applicable)
- Bank statement from your home country (if applicable)
Please note that specific requirements may vary depending on the lender and your individual circumstances. It’s always advisable to consult with a mortgage broker or financial advisor who can provide a more accurate list of documents needed for your application.
Do I need to find a property before I apply for a mortgage in Ireland?
No, you don’t need to find a property before applying for a mortgage. Many lenders will pre-approve you, giving you a budget for your search. However, some may require a property before finalizing the mortgage. Consult a mortgage broker for advice.
Do I need to be living in Ireland at the time of applying for a mortgage?
No, you don’t necessarily need to be living in Ireland at the time of applying for a mortgage. However, most lenders will require you to demonstrate a strong connection to Ireland. This could include:
- Irish citizenship or residency: Having Irish citizenship or a valid residency permit will generally make it easier to obtain a mortgage.
- Employment in Ireland: If you have a job in Ireland, even if you’re currently living abroad, you may be eligible for a mortgage.
- Property investment: If you’re planning to purchase a property in Ireland as an investment, you may still be able to qualify for a mortgage, depending on your financial situation.
It’s important to note that specific requirements may vary between lenders, so it’s advisable to consult with a mortgage broker or financial advisor to discuss your individual circumstances and determine the best approach for you.
Are there any Brazilians nationals or companies that specialize in mortgages in Ireland?
Yes, there are a number of individuals or companies that work as agents of brokers for those looking to obtain a mortgage in Ireland.
- JC Mortgages
- Suyá Sausmikat of JC Mortgages
- Top Mortgage
- Sys Mortgages
- Blackwater Group
- Mortgageline
- Symmetry Financial
- Irishmortgage.com
- My Mortgages
Expert Tip!
If you’re considering a mortgage in Ireland, get in touch with a mortgage broker. Most brokers won’t charge you any fee, even if they obtain a mortgage for you. They’re paid commission by banks and lending institutions, and they may even be able to obtain favourable rates!
