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


R

Ronan Mc Grory

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
 
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T

Tumbleweed

Ronan Mc Grory said:
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
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).
 
J

Jon Green

Are all mortgage providers the same or can some of them take into
consideration my credit history in Ireland.
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.
Also, I have heard that
some lenders provide mortgages regardless of credit history.
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
 
P

Philip K

You might want to try one of the Irish banks that deal in the UK, such
as FirstActive
Given that FirstActive is part of the Royal Bank Of Scotland Group,
surely it's a UK bank which deals in Ireland!
 
J

John Blake

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
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.
 
J

Jon Green

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

Daytona

Tumbleweed said:
or perhaps there is a an irish bank with UK
branches?
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.
 
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