Irish Person Moving To UK and Looking For Mortgage To Buy First Home

Hi,

My name is Ronan Mc Grory. I have recently (30/10/'04) secured a job with a highly successful, worldwide IT Consultancy firm. I am currently in month 4 of a 7 month training programme in India. At the moment I am being paid through the Irish tax system and as such have no credit history in the UK.

Upon completion of my training, I will be relocated to the UK and would like to purchase my first house there. As far as I am aware, my salary will be paid through the UK tax system upon my arrival. I will have a 10% deposit saved by that stage. I have researched some mortgages on the internet. The one that interested me most was oneaccount.com's offering as my salary will be upwardly revised twice a year. However, upon contacting them, they said that they require a 3 year credit history in the UK.

Are all mortgage providers the same or can some of them take into consideration my credit history in Ireland. Also, I have heard that some lenders provide mortgages regardless of credit history. I should be on a fairly good salary and would certainly be able to afford repayments. Please let me know if you know of any other options.

Any advice is greatly appreciated. Thank you,

Ronan

Reply to
Ronan Mc Grory
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I suspect most will give you the same answer. You might have to consider borrowing through an irish bank, or perhaps there is a an irish bank with UK branches? I recall several years ago I had a couple of friends in England who had got mortgages through irish banks (because of a better interest rate or exchange rate at the time).

Reply to
Tumbleweed

You might want to try one of the Irish banks that deal in the UK, such as FirstActive (*spit*). In fact, your own bank might well be able to exchange information with its UK arm, given that most of them have some UK trading presence.

Yeah, but they tend to charge extortionate interest rates to compensate for (what they perceive as) the additional risk. Avoid, unless you're totally out of options.

I'd suggest that your best choice might be to talk to a UK mortgage broker, who can do all the work for you, and gets a commission from the lender. Don't have any recommendations, though, I've never had to use one.

Jon

Reply to
Jon Green

Given that FirstActive is part of the Royal Bank Of Scotland Group, surely it's a UK bank which deals in Ireland!

Reply to
Philip K

In message id on 2 Feb 2005 21:14:56 -0800, Ronan Mc Grory wrote in uk.finance :

If you can lay your hands on a chunk of the £26 million withdrawn from the Northern Bank in Donegall Square in Belfast just before Christmas, you might find yourself in a strong position to borrow at reduced / zero cost and disperse funds through acquisitions in the over priced English housing market.

Withdrawals of that size barely buy you a bachelor pad in Kensington nowadays.

Reply to
John Blake

I bloody wish.

A while ago, I was dealing with Probate in my late mother's estate. She had had a couple of accounts with them. About a month after her death, I got a letter saying something like this:

"Dear Executor, we're withdrawing from the UK savings market. We'll not be paying any more interest, as of less than a month from now, but you won't be able to move the money out of the accounts until you've got Probate, however long that takes. Oh, and you'll shortly have to deal with our Dublin headquarters, since we'll be relocating the funds there. Sorry for the inconvenience, and all that."

I won't go through the next few months, except to nore that they wouldn't do any business by email, so it all had to be done by exchange of postal mail -- think 1-2 weeks *each way* -- and they were painfully bureaucratic (reminded me of stories of the stubborn Indian Civil Service in the times of the Raj). I didn't have anything like the same problems with any of the UK companies I dealt with, even the worst ones.

Can't see me putting any more business their way. Apart from a genuine aversion therapy, I'd be scared witless that they'd pull the accounts back to Dublin, just as they did with savings, and I'd be dealing with a mortgage with a company that takes a fortnight or more to correspond with. (As I'd commented to others, I could have *walked* and ferried the damn letters to Dublin in the time the British and Irish post offices took to get them there.)

So, you see, First Active isn't exactly my favourite banking institution.

Jon

Reply to
Jon Green

AIB springs to mind.

Another option is to buy using a true[1] buy-to-let mortgage, although there may be other checks that render this route impossible. Lenders don't check who actually occupies the property.

Daytona

[1] Salary isn't considered.
Reply to
Daytona

This has to be made up ?

Reply to
zero

A troll. If he had done the research he said, he'd know about non-status mortgages.

Reply to
sufaud

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