As a general rule non residents can expect to qualify for mortgages of between 70 – 80 % of the purchase price on an urban property – that is to say a property within a town or urban area, this applies to all coastal properties as a general rule.
Non residents and residents can expect to get between a 70 – 80% mortgage ,Subject to bank approval.
NB. The bank will make an independent valuation of a property and the mortgage offer will be based upon the bank’s own valuation.
There are a few developments advertising properties for sale with 100% mortgages .
The reason they are able to do this, is because generally speaking a bank has repossessed the development from the builder and is selling off the unsold units at cost price , ie under market value and are therefore able to offer 100% mortgages.
It is still necessary to apply for and be approved for a mortgage. The application requirements are quite tough , so be prepared to produce solid paperwork for a mortgage application.
What you need
The following is a list of documentation needed in order to process any mortgage application:
- Copy of passport
- Copy of N.I.E.
- Latest tax return (P-60 or equivalent)
- Copy of employment contract if employed
- Last 3 payslips
- Bank statements (last 3 months)
- Full credit report from Experian (Irish Credit Bureau or any other official full credit report)
- List of assets and liabilities, with amounts owed and monthly repayments
- Proof of income from any properties (rental contracts, etc.)
- Reference letter from local bank
We have excellent relationships with some of the leading Spanish and International Banks , and will be pleased to introduce clients to banks and mortgage brokers.