The Irish Mortgage Market
When entering the Irish mortgage market, you’ll hear a lot of talk about how complex it is to navigate so we’ve prepared a guide
that offers a detailed look at the mortgage market and what foreign nationals should consider when getting a mortgage in Ireland.
It is important to note that although lenders will approve mortgage products for foreign nationals, each lender has their own specific criteria that they apply. The criteria applied to EU/EEA mortgage applicants are usually similar to those applied to Irish nationals; whereas the criteria applied to non-EU/EEA applicants are largely different and depend on an applicant’s duration of residence and employment in Ireland.
What can you expect on your journey to getting a mortgage in Ireland?
Generally, lenders require that mortgage applicants provide evidence of their legal residence, and that they demonstrate that they can afford the mortgage repayments.
To prove legal residence, you will need to be in possession of either of the following:
- Stamp 1
- Stamp 1G
- Stamp 4
- Passport from EU/EEA country.
To demonstrate affordability, you will usually be required to provide the following:
- Credit checks, bank statements, or proof of income. These will enable the lender to determine your creditworthiness.
- Household cash flow statements, utility bills, or bank statements to show that you are able to afford the monthly payments and that your mortgage repayments will not exceed your income.
When it comes to affordability, it is important to develop healthy financial habits long before submitting your mortgage application because lenders will take this into consideration when assessing your affordability. Healthy financial habits include sticking to your monthly budget, paying off your debts on time and saving regularly.
It is also important to factor in the fees
that will form part of your mortgage costs, such as solicitor’s fees, stamp duty, home insurance, mortgage protection insurance, etc. You should note that Which Mortgage does not charge any fee for processing your mortgage application.
As with all mortgage applications, being able to assure lenders of who you are and that you can afford the mortgage repayments will strengthen your application.