Welcome to our detailed guide on how to get a mortgage in Ireland for Expats. If you’re envisioning life in a quaint countryside cottage or a lively city apartment, this guide will clarify the mortgage process for you. We break down everything from various mortgage types and rates to the specific requirements for expats.
Step by step, we’ll guide you through the process and share essential tips to avoid common mistakes. With the right support, your path to owning a house in Ireland can run more smoothly than you think.
All it takes is the right knowledge, from the right sources. To help, our team is here to provide you with their insights on what you need to consider before buying real estate in Ireland as an expat.
What is a mortgage?
A mortgage is a long-term loan used to buy property in Ireland. It is repaid in monthly instalments that include both the loan amount and interest. The mortgage is secured against the property, meaning the lender can take ownership of the home if repayments are not maintained.
Mortgages in Ireland are provided by:
- Banks
- Credit unions
- Approved lenders
The amount you can borrow depends on:
- Income
- Savings / deposit
- Employment status
- Credit history
- Ability to repay
Frequently Asked Questions About Mortgages in Ireland
What’s the difference between a mortgage and a loan?
A loan is a general term for borrowed money that must be repaid with interest. A mortgage is a specific type of loan used for purchasing property. Unlike most standard loans, a mortgage is secured against the property itself, which gives the lender legal rights over the property if repayments are missed.
Can expats/foreign residents get a mortgage in Ireland?
Yes, expats and foreign residents can get a mortgage in Ireland if they are legally resident in the country. Eligibility generally applies to EU/EEA citizens and Non-EU/EEA citizens with Stamp 1, Stamp 1G, or Stamp 4 permission.
Most lenders will also require proof of stability in Ireland, which usually includes living and working in the country for a minimum period, often around one year. This helps lenders assess income reliability and credit history before approving a mortgage.
How does a mortgage work for expats in Ireland?
Mortgages in Ireland work the same way for expats as for residents, but lenders apply additional checks before approval. These checks can affect how much you can borrow and which lenders you qualify with, as eligibility criteria can vary between banks.
Requirements often include:
- Proving creditworthiness in Ireland or abroad
- Showing stable income and employment history
- Providing a larger deposit in some cases (often up to 30%)
Do expats need a deposit to get a mortgage in Ireland?
Yes. In most cases, expats will need a larger deposit than Irish resident applicants. Many lenders will finance up to 70% of the property value, meaning buyers may need a 30% deposit saved before applying for a mortgage in Ireland.
How is mortgage interest calculated?
It’s calculated based on the remaining balance of your loan and your annual percentage rate (APR). Part of each monthly repayment goes towards interest, while the remaining amount reduces the actual loan balance over time.
How does working abroad affect a mortgage application in Ireland?
If one spouse works abroad while the family lives in Ireland, lenders will usually assess the application as a foreign income or foreign exchange mortgage case. Costs like travel, accommodation, and currency fluctuations may also be considered when calculating affordability.
What mortgage term can expats get in Ireland?
Most expat mortgages in Ireland are available for terms of up to 25 years. The maximum term offered will depend on the applicant’s age, income, employment type, and the lender’s criteria.
Employment Timeline Before Applying for a Mortgage in Ireland
The amount of time an expat may need to work before applying for a mortgage in Ireland can vary depending on their employment situation. For professionals like accountants, consultants, or remote workers who continue working for the same employer after relocating, showing continuity of employment and income can sometimes make the mortgage application process more straightforward.
In some cases, individuals who were previously employees become contractors for the same company after relocating. This can happen where the company has an Irish office or operates through an umbrella organisation in Ireland.
In these situations, mortgage lenders and brokers will generally want to see at least one year of income records – typically payslips, or a combination of payslips and tax returns if you have only recently changed employment status.
| Employees | Contractors | Self-Employed |
| 1 year of payslips | Payslips and/or Tax returns for 1-2 years | As much evidence as you can gather to prove reliable income |
| Waiting time: 6 months | Waiting time: 6-12 months | 2-3 years. |
If you’re self-employed abroad, like in the UK or Australia, it’s tough to use that income for a mortgage in Ireland. Lenders usually don’t accept it, except for contractors with just one or two clients, like an IT consultant for say, a single bank. If you own a company abroad and live in Ireland, that income won’t count either, i.e. you’re taking a wage from the company that’s abroad.
Example 1: (Employee)
Paula moves to Ireland but keeps her job as a remote employee for a UK company. She keeps the same salary and can show regular payslips, so she may be able to apply for a mortgage after around 6 months.
Example 2: (Self-Employed)
Graham relocates to Ireland but runs his own freelance business. Because his income is self-employed and needs to be proven through accounts and Irish tax filings, he is likely to need around 2–3 years before lenders will consider his application.
Bottom line: for self-employed people in Ireland to get a mortgage, you need to be paying taxes in Ireland and have an established business there, with a steady income for about two years, for banks to consider it.
Need help from a professional?
Trying to understand Irish mortgages by yourself is a minefield, and that’s when you are familiar with it and you live here! Save yourself time, money, and energy by working with an expert who can guide you.
Request a Call Back from a Mortgage Provider
What Types of Mortgages Are Available in Ireland?
There are several types of mortgages in Ireland. These include fixed-rate mortgages, where the interest rate stays the same for a set period, and variable-rate mortgages, where the rate can change over time. The overall cost of your mortgage depends on the type you choose, the term (for example, 25 or 30 years), and the interest rate applied. As an expat, your options and rates may differ from standard applicants. It’s important to discuss these details with your lender, mortgage advisor, or broker.
Here are the various mortgages available in Ireland, catering to different needs and circumstances:
Repayment and Interest-Only Mortgages
These affect how the loan is paid back. With a repayment mortgage, you pay off both the mortgage and interest each month, aiming for a zero balance at the end of the term. An interest-only mortgage involves paying just the interest monthly, with a lump sum due at the end.
Cashback Mortgages
Popular among first-time buyers, this type offers a cash lump sum once your home loan is drawn down, useful for covering moving expenses like legal fees.
Green Mortgages
These discounted mortgages are available for energy-efficient homes with a Building Energy Rating (BER) of B3 or better, open to first-time buyers, switchers, movers, and self-builders.
Buy-to-Let Mortgages
Designed for property investors or landlords, these mortgages often offer options like interest-only or a mix of repayment and interest-only loans.
Self-Build Mortgages
With this type, you draw down funds in stages as your build progresses, paying interest only on the amount borrowed.
How to Secure a Mortgage as an Expat in Ireland
The first thing you need to do is get an approval in principle. This is made up of a number of distinct steps:
1. Get Approval in Principle
The first step is securing an approval in principle. This sets out how much you may be able to borrow and confirms that you are a serious buyer.
2. Show Proof of Funds
Selling agents often require proof that you can cover the deposit. For example, for a €500,000 property with a €350,000 mortgage (70% finance), they may want evidence of €150,000 in savings.
3. Confirm Deposit and Savings
A mortgage advisor can confirm over the phone or email that the balance of funds for the deposit is in place. This could be from savings or a gift from parents. Applications are not submitted without confirming this.
4. Demonstrate Affordability
Affordability for expats is shown through a regular savings pattern before moving to Ireland. Banks stress test the desired loan amount at 6% over the chosen term (maximum 25 years).
Example: If the stress test repayment is €2,000, applicants must demonstrate they can save this amount monthly for six months leading up to the mortgage application. Affordability is a crucial factor to being able to get a mortgage as an expat. If you move back to Ireland, before getting a mortgage, don’t stop saving!
5. Build a Consistent Savings History
It’s important to regularly save a consistent amount (e.g., €3,000 monthly) and not touch these savings. Having multiple savings or share accounts with frequent transfers can make it difficult to demonstrate clear affordability, so stick with one if you can.
6. Factor in Living Costs and Commitments
Rents, childcare costs, and changes in work status (like part-time work due to childcare responsibilities) are also factored into the maximum borrowing potential. In places like Singapore or some parts of the Middle East, rents are exceptionally high.
Even if you have a high salary, substantial rent payments can reduce the mortgage amount you qualify for because rent is seen as outgoing from your account.
7. Understand Timing and Reapplication Rules
If you don’t show a clear savings pattern, you may need to save consistently for six months before reapplying.
8. Consider Household Income Structure
The number of children affects affordability calculations. In cases where there’s only one income earner with children, the earner must have a significantly high salary to qualify. Having two incomes, regardless of the second income’s size, can greatly increase borrowing potential.
9. Seek Advice
Speak to someone who understands the Irish mortgage landscape and get proper advice before applying. Don’t assume you’ll be approved just because you have savings or were approved in another country.
Going directly to a bank can mean a 3–4 month process of paperwork, documentation, and meetings, only to potentially be declined at the end.
Working with the right mortgage advisor or broker first can save significant time and effort. In many cases, they can quickly assess whether you are likely to qualify before you start the formal application process.
We’ve recorded a podcast about getting a mortgage as an expat – check it out here.
Understanding Mortgage Rates in Ireland
Choosing the right mortgage rate is an important part of buying property in Ireland. The type of rate you choose will affect your monthly repayments, flexibility, and overall borrowing costs over time. The main options available are:
Variable Rate Mortgage
Variable mortgage rates are interest rates that can change over time. This means your repayments may go up or down depending on market conditions and your lender’s pricing. They also tend to offer flexibility. In many cases, you can overpay, switch lenders, or adjust your mortgage without early repayment penalties.
Pros of variable rate mortgage
- Flexibility: You can adjust your monthly repayments, pay off your mortgage early, or switch lenders without facing penalties.
- Potential Benefits from ECB Rate Changes: If the European Central Bank (ECB) rates fall, and your lender responds accordingly, you could benefit from reduced interest rates.
Cons of variable rate mortgage
- Lack of Predictability: With variable rates, your monthly payments could increase if interest rates rise, which could affect your long-term financial planning.
- Financial Vulnerability: The uncertainty in rate changes over a long mortgage term (20-30 years) could put you in a vulnerable financial position.
Fixed Rate Mortgage
Fixed rates lock in your interest and monthly repayments for a set period, providing stability but less flexibility. Penalties may apply for early repayment, switching lenders, or re-mortgaging. Long-term fixed rates are usually more expensive due to the certainty they provide.
Pros of fixed rate mortgage
- Predictability and Stability: Fixed rates offer certainty in your monthly repayments, which can be crucial for budgeting and financial planning, especially for families and long-term financial commitments.
- Protection from Rate Increases: With a fixed rate, you’re safeguarded against potential increases in interest rates over the term of your mortgage.
Cons of fixed rate mortgage
- Missing Out on Lower Rates: If interest rates fall, you won’t benefit from reduced payments, potentially paying more than necessary.
- Penalties for Changes: There could be fees for overpaying, switching lenders, or paying off your mortgage early. However, some lenders now allow up to a 10% overpayment annually without penalties.
- Commitment: Fixed rates are typically more suited for those who plan to stay in their property for the duration of the fixed term. Switching properties or lenders could incur penalties.
What is a Split Rate Mortgage?
This is a type of mortgage where your loan is divided into two parts. One part is on a fixed interest rate, and the other part is on a variable rate. You benefit from the stability of fixed repayments on one portion, while still having flexibility on the variable portion if rates change.
Frequently Asked Questions
How do I know which mortgage choice is right for me?
The right mortgage option depends on your financial situation, long-term plans, and comfort level with changing repayments. Fixed rates can offer more certainty and predictable monthly costs, while variable rates may provide greater flexibility if you want to make extra repayments, switch lenders, or benefit from falling interest rates.
Do expats pay different mortgage rates?
No. The same rates apply to expats and Irish residents. If you buy property while living abroad and later move to Ireland, your mortgage rate does not change. The only update required is your correspondence address with the lender. In all cases, the interest rate is based on the mortgage product, not your residency status.
Can I switch from a variable rate to a fixed rate mortgage?
Yes, most lenders in Ireland allow you to switch from a variable rate to a fixed rate during your mortgage term. Switching is usually done to lock in more predictable monthly payments. Before making the switch, you should review:
- The fixed rates currently available from your lender
- Any fees or break charges that may apply
- The impact on your monthly repayments
What happens when a fixed rate mortgage ends?
Your mortgage will automatically roll onto your lender’s Standard Variable Rate (SVR) unless you take action. This rate is typically higher than your previous fixed rate, often leading to a significant and immediate increase in your monthly repayments.
To avoid this, you should review your options – like securing a new fixed-rate deal with your current provider or switching to a new lender – at least a few months before your term ends.
Can I switch mortgage lenders during my term?
Yes, switching lenders is possible in Ireland and is commonly known as re-mortgaging or switching mortgage providers. Many borrowers switch to secure a lower interest rate or better mortgage terms. But keep in mind, if you’re on a fixed rate mortgage, early repayment charges may apply.
Does the mortgage term affect the interest I pay?
Yes. A longer mortgage term usually reduces your monthly repayments, but it can increase the total amount of interest paid over the life of the loan. A shorter term may have higher monthly repayments but could reduce the total borrowing cost overall.
Can renovation costs be included in a mortgage in Ireland?
Sometimes renovation or refurbishment costs can be included in a mortgage in Ireland, depending on the lender and the type of mortgage. This is assessed on a case-by-case basis and usually depends on the property value after works are completed, the scope of the renovations, and the total amount you’re borrowing.
Can you pay off a mortgage early in Ireland?
Yes, you can pay off a mortgage early in Ireland, but the rules depend on your mortgage type. Variable rate mortgages usually allow overpayments or full repayment with little or no penalty. Fixed rate mortgages may include early repayment charges or break fees, depending on your lender and the remaining fixed term.
Download our free ‘How to Get a Mortgage in Ireland as an Expat’ eBook!
How to Prepare for a Mortgage Before Coming to Ireland
Preparing for an Irish mortgage while still abroad significantly improves your chances of a successful application. Here’s everything you need to do:
- Save for Your Deposit
Before viewing properties, it’s important to have your deposit savings in place. Estate agents and lenders may ask for proof of funds early in the process.
For example, if you’re purchasing a €500,000 property with a €350,000 mortgage, you may need to show evidence of €150,000 in available savings to cover the deposit and related costs.
- Check Your Credit History
Your credit history is an important part of the mortgage process. Irish lenders review your repayment history, existing loans, and any missed payments when assessing an application.
If you’re living abroad, it’s a good idea to obtain your credit report before leaving your current country, as accessing these documents later can sometimes be difficult.
For example:
- Australia: Equifax, Experian, or Illion
- UK: Experian or TransUnion
For expats moving from the Middle East, obtaining credit reports and proof of income before leaving is particularly important, as retrieving these documents afterwards can be challenging.
- Organise Your Finances
In the months leading up to your move, try to keep your finances as consistent as possible. Lenders like to see regular savings habits and responsible account management.
This includes:
- Paying bills on time
- Saving consistently each month
- Avoiding unnecessary loans or credit applications
- Reducing credit card balances where possible
- Avoiding gambling transactions on bank statements
- Maintaining stable employment where possible
- Gather Your Documents Early
Mortgage applications require extensive documentation, especially for expats.
Common documents include:
- Passport and proof of address
- Six months of bank statements
- Credit card statements
- Payslips and employment details
- Credit reports from your current country
If you’re self-employed, lenders may also request:
- Business accounts
- Tax returns
- Tax clearance certificates
- Business bank statements
- Speak With a Mortgage Advisor Before You Move
Finally, it’s a good idea to speak with a mortgage advisor before relocating to Ireland. They can quickly assess whether you’re likely to qualify and identify any issues early.
In some cases, expats may not yet meet lender requirements while still abroad. A broker can explain what needs to improve before applying and advise which documents to bring back with you to Ireland.
How to Prepare After Arriving in Ireland
Once you’ve moved to Ireland, the focus shifts to building a clear financial track record locally. Now, it’s time to:
- Build Up Irish Employment Records
Most Irish lenders want to see evidence of employment and banking activity in Ireland before approving a mortgage application.
Even if you return to the same employer, banks will often expect:
- Irish payslips
- Irish bank account activity
- Around six months of employment history in Ireland
This helps lenders assess income stability and affordability.
- Understand How Much You Can Borrow
Before house hunting, it’s important to understand Ireland’s mortgage lending limits.
Lenders assess:
- Loan-to-Income (LTI) limits
- Loan-to-Value (LTV) limits
- Existing financial commitments
- Childcare or rental costs
- Overall affordability
You should also budget for additional costs like:
- Stamp duty
- Solicitor fees
- Survey costs
- Insurance
Determining your borrowing capacity before you begin your property search prevents you from wasting time on homes outside your budget.
Need help from a professional?
Trying to understand the Irish mortgage landscape by yourself is a minefield, and that’s when you are familiar with it and you live here! Save yourself time, money, and energy by working with an expert who can guide you.
Request a Call Back from a Mortgage Provider
What Government Support Schemes are Available to Expats Purchasing Property in Ireland?
While schemes like the Help to Buy (HTB) incentive can significantly boost your purchasing power, eligibility is strictly tied to your tax compliance in Ireland. You must have paid sufficient Irish Income Tax or DIRT over the previous four years to claim the rebate, which is specifically for new builds or self-builds.
Because these rules are nuanced, assuming you qualify can be a costly mistake. A dedicated tax advisor is essential to:
- Verify Eligibility: Assess your specific tax history to ensure you meet the criteria for HTB or other supports like the First Home Scheme.
- Optimise Tax Liabilities: Provide expert guidance on stamp duty and tax-efficient planning, ensuring any potential savings are correctly redirected toward your deposit.
- Identify Opportunities: Beyond the headline schemes, an advisor can highlight additional supports that align with your specific financial goals and residency status, making sure you remain fully compliant throughout the process.
Note: Stamp duty is a tax paid in Ireland when property ownership is transferred. Stamp duty applies to residential properties like houses, apartments, or sites with agreement to build. While exemptions to this tax exist, it’s always best to consult a tax expert before proceeding.ownership is transferred. Stamp duty applies to residential properties like houses, apartments, or sites with agreement to build. While exemptions to this tax exist, it’s always best to consult a tax expert before proceeding.
How to Choose a Mortgage Lender in Ireland
To choose the right mortgage lender in Ireland, you need to compare more than just interest rates. Different lenders have different rules around deposits, employment history, savings patterns, and expat applications, so it’s important to find one that suits your financial situation.
Here are some helpful tips:
1. Decide Which Type of Mortgage Is Right for You
Evaluate different mortgage types, such as fixed-rate and variable-rate mortgages, and understand their implications. Remember, fixed-rate mortgages offer the same interest rate throughout the loan term, while variable-rate mortgages adjust based on market conditions.
Be very conscious however that you will be availing of an expat mortgage so some of the mortgages that you see on offer may not apply to you.
2. Reach Out To and Compare Mortgage Lenders
Explore various lending options, including banks, credit unions, and mortgage brokers. Obtain personalised Loan Estimates from multiple lenders to compare interest rates, fees, and overall costs. Use this information to negotiate better terms.
3. Consider Using a Mortgage Broker
A mortgage broker can provide access to a wider range of products and help optimise your credit report. They can be particularly helpful if you have a complex financial situation, such as irregular income or a history of bad credit. As an expat, we highly recommend working with a broker. They make a difficult task a lot easier.
There are a certain amount of restrictions and hoops you have to jump through to get a mortgage in Ireland. Working with a broker who already knows the hoops is your best bet to make it easy and simple. We recommend speaking with Paul from Top Mortgages – paul@topmortgages.ie or reach out to us to make an introduction.
Common Irish Mortgage Application Mistakes to Avoid
Lenders closely review your spending habits and existing debts when assessing affordability. Avoiding the mistakes below can help strengthen your application and reduce the risk of delays or rejection.
- Failing to Meet Bill Payments: Missing bill payments, especially in the six months leading up to your mortgage application, can negatively impact your credit history. Ensure you have sufficient funds to cover all direct debits and bills.
- Accumulating Debt: Avoid taking on new debt ahead of your application. Instead, focus on clearing existing debts, particularly on credit cards, to improve your credit score and debt-to-income ratio.
- Taking Out New Loans: New loans can affect how much you’re eligible to borrow as they reduce your net disposable income (NDI). Remember, your mortgage repayments should not exceed 35% of your NDI.
- Failing to Show Repayment Ability: Demonstrate your ability to meet regular repayments, either through rent instalments or consistent savings, ideally exceeding your future mortgage repayments by at least 10%.
- Insufficient Savings: Save for not just the deposit (10% for first-time buyers, 20% for others) but also for other costs like solicitor’s fees, stamp duty, and surveyor’s reports.
- Dipping into Savings: Avoid using your savings for non-essential expenses until after the mortgage process is complete.
- Job Changes: Stability in employment is crucial. Banks generally require several months of permanent employment, or two years’ worth of business accounts for the self-employed.
- Delaying Mortgage Protection: Arrange for mortgage protection insurance early in the process to avoid delays. This may require a medical examination or access to medical records.
- Not Researching Lenders: Compare interest rates, terms, and perks like cashback offers from various lenders to find the best deal for your needs and budget.
Mortgage Protection in Ireland
What is Mortgage Protection?
Mortgage protection is a type of insurance policy specifically designed to cover your mortgage in the event of your death during the mortgage term. It ensures that your mortgage loan is paid off, providing security for both you and your lender.
In Ireland, having mortgage protection insurance is generally a mandatory requirement when taking out a mortgage. This is to ensure that the loan amount (sum assured) is secured in case of the borrower’s untimely death.
What Does Mortgage Protection Insurance Cover?
Most standard mortgage protection policies include:
- Cover if the policyholder dies during the mortgage term
- Accidental death benefit during the application period
- Terminal illness cover in certain circumstances
- Guaranteed insurability after major life events
- Children’s life cover on some policies
The exact level of cover depends on the provider and policy chosen.
Types of Mortgage Protection Policies
- Reducing Term Cover: This is the most common option for repayment mortgages. The level of cover decreases over time in line with the remaining mortgage balance.
- Level Term Cover: This type keeps the same level of cover throughout the policy term and is often used for interest-only mortgages.
- Joint and Dual Life Policies: Couples can choose:
- Joint cover: One payout if either person dies
- Dual life cover: Separate cover for each person, allowing for two potential payouts
Frequently Asked Questions About Mortgage Protection
Are there situations where mortgage protection is not required?
Yes, there can be exceptions. Some lenders may waive the requirement if:
- The property is a buy-to-let rather than a family home
- You cannot obtain cover due to medical reasons
- Insurance is only available at an unreasonably high cost
- You are over a certain age when the mortgage is approved
- You already have an existing life insurance policy that provides suitable cover
Approval for exemptions depends on the lender and individual circumstances.
Life insurance vs mortgage protection – what’s the difference?
Mortgage protection insurance is specifically designed to repay your mortgage if you die during the mortgage term. Life insurance is broader and pays a lump sum to your chosen beneficiaries, who can use it however they wish. Some people choose to have both policies in place.
Can I add extra cover to a mortgage protection policy?
Yes, you can. Some providers offer optional add-ons like specified illness cover or the ability to convert the policy into a broader life insurance policy later without further medical underwriting.
What affects mortgage protection policy costs?
Mortgage protection premiums can vary depending on:
- Optional add-ons like specified illness cover
- Age
- Health and medical history
- Mortgage amount
- Mortgage term
- Policy type
- Insurance provider
- Optional add-ons like specified illness cover
A Guide to Common Mortgage Terms in Ireland
Understanding mortgage terms and conditions is essential for anyone entering the home buying process. Here’s a breakdown of important mortgage-related terms to help you navigate through this journey:
- Annual Percentage Rate (APR): Represents the total cost of the loan annually, including interest and fees. The lower the APR, the lower the overall cost.
- Approval in Principle (AIP): A lender’s statement of how much they would potentially lend you, based on preliminary information. It’s not a guarantee of mortgage approval.
- Arrears: A situation where mortgage payments are overdue, which can negatively impact your credit history.
- Broker: A professional who assists in finding and applying for mortgages, offering advice on various options.
- Building Energy Rating (BER): A measure of a home’s energy efficiency, with A1 being the most efficient. Some lenders offer green mortgages for energy-efficient homes.
- Capital/Principal: The original sum borrowed from the lender, not including interest or other fees.
- Collateral: The borrower’s property that serves as security for the loan.
- Cost of Credit: The total amount repaid by the end of the mortgage, including the borrowed amount, interest, and any additional fees.
- Deferred Start: An option to delay mortgage repayments for a set period, increasing the overall loan cost.
- Deposit: The initial payment made towards the property’s cost, typically the difference between the property cost and the loan amount.
- Direct Debit Mandate (DDM): Authorisation for the bank to pay the lender the monthly mortgage repayments from your account.
- Drawdown: The final stage where the mortgage funds are released to the seller.
- Equity: The difference between the property’s market value and the outstanding mortgage balance.
- First-Time Buyer: An individual who has never owned property or land before.
- Fixed-Interest Rate: An interest rate that remains constant for a predetermined period during the loan term.
- Freehold vs. Leasehold: Different types of property ownership. Freehold is indefinite ownership of property and land, whereas leasehold is ownership for a fixed term, often requiring ground rent.
- Guarantor: A third party who agrees to cover mortgage repayments if the borrower is unable to do so.
- Interest Rates: The cost of borrowing money from a lender, expressed as a percentage of the principal loan amount.
- Letter of Offer: A document from the lender outlining the terms of the mortgage offer.
- Loan-to-Value (LTV): The ratio of the mortgage amount to the property’s value, expressed as a percentage.
- Mortgage Protection Insurance: A policy that pays off your mortgage in case of your death during the mortgage term. It is usually a requirement for obtaining a mortgage.
- Payment Break (Moratorium): A temporary halt in mortgage payments, useful during financial difficulties but may increase the total cost due to accrued interest.
- Standard Variable Rate: An interest rate that fluctuates over time, potentially increasing or decreasing based on various factors.
- Title Deeds: Legal documents proving property ownership.
- Valuation: An assessment of the property’s market value, often required by the lender and paid for by the borrower.
Understanding these terms can greatly assist in making informed decisions throughout the mortgage process, from application to finalisation.
As we wrap up our guide on mortgages for expats in Ireland, we hope you now feel better equipped and confident to take this journey on. Remember, securing a mortgage in a new country can be a complex process, but with the right information and preparation, it’s entirely achievable.
Expat Taxes specializes in helping new arrivals master the financial and tax side of moving to Ireland – from optimising your mortgage application to managing the broader complexities of your relocation.
Book a consultation with our team to get clearer guidance on your financial situation and move to Ireland. We can help you understand what Irish lenders usually look for and the steps you may need to take before applying for a mortgage.
Download our free eBook for more practical information on settling into life in Ireland. It covers topics like healthcare, education, childcare, housing, and understanding the Irish tax system as an expat.
Need help from a professional?
Trying to understand the Irish mortgage landscape by yourself is a minefield, and that’s when you are familiar with it and you live here! Save yourself time, money, and energy by working with an expert who can guide you.
Request a Call Back from a Mortgage Provider
Resources
Download our free ‘How to Get a Mortgage in Ireland as an Expat’ eBook below!
DISCLAIMER: The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal, financial, investment and taxation advice should be sought before acting or refraining from acting. All information and taxation rules are subject to change without notice. Expats Taxes accept no liability whatsoever for any action taken in reliance on the information in this article or any of the articles in our blog series. Expat Taxes Limited does not provide financial planning, investment, mortgage advice and this article is provided only for general informational purposes. We are not authorised/licensed to provide financial advice and this article should not be considered to constitute advice of this type in any respect.
Written by Stephanie Wickham (Chartered Tax Adviser, Fellow of Chartered Accountants Ireland)
Known for her ability to simplify even the most complex tax matters, Stephanie has worked extensively across income tax, corporate taxes, capital gains, and inheritance taxes for over 10 years. Having experienced life as an expatriate herself, Stephanie understands the stress that can come with international moves – and how daunting tax compliance can feel. Her philosophy is simple: tax advice should be straightforward, clear, and tailored to each individual. Stephanie hosts the Taxbytes for Expats podcast, and her insights have been published several times in respected publications such as the Irish Times, Irish Tax Review, the Irish Independent, and TaxPoint.
