UK Mortgages for Expats & Foreign Nationals Living in Ireland
Although the process of getting a UK Residential or BTL Mortgage from Ireland may seem complex, it’s often more straightforward than many people think. A large number of people purchase UK property whilst they’re based in Ireland every year, and go on to see a fantastic return on their investment.
Purchasing property in the UK from abroad may seem daunting when you have hurdles like currency exchange differences and lender restrictions to overcome, but things can become so much simpler with the right expertise behind you.
An expat mortgage broker will use their vast experience and expertise to remove the strain from cross-border financing, giving you all the guidance and support that you need to make your purchase a stress-free success. They can also use their knowledge to bring you some of the best rates and mortgage products on the market, tailoring their service to suit your specific circumstances.
Who Can Apply for UK Expat Mortgages?
UK nationals based in Ireland
A large number of our clients are UK nationals / expats now living in Ireland. We can connect you with quality mortgage products that have been designed with Ireland-based expats in mind.
Self-employed and salaried applicants
If you want to apply for a residential UK expat mortgage, you’ll need to be either salaried or self-employed in order to show an income. If you’re self-employed, you’ll have to provide up to two years of accounts. Salaried applicants are expected to show evidence of stable income and employment.
Expats with income from the UK or overseas
You may be accepted whether you have income from the UK or elsewhere. Whether your money is in the form of GBP, Euros or any other currency, we can find a specialist lender for you.
Minimum deposit and credit rating requirements
You’ll normally need a deposit of 25 – 40% of the property value. A bigger deposit can mean getting the best rates. If you have a strong, detailed UK credit history, this can boost your chances of acceptance. Nonetheless, you may still be accepted without one – the lenders we work with are flexible enough to understand that not every expat based in Ireland can show a lengthy UK credit history.
No matter what your circumstances are, we will do everything in our power to help you secure an expat mortgage that’s tailored towards your specific needs. We’ll only target lenders that are likely to approve your application and will do all we can to make the process as smooth as possible when you need an UK mortgage from outside the country.
Our Mortgage Solutions For Expats in Ireland
Here’s how we can help when Irish residents need Expat Mortgages UK
- We can give you access to all suitable mortgage lenders for expats to give you more options.
- Use special currency strategies to minimise exchange rate risks.
- We can provide tailored expat mortgage advice for your specific situation.
- We’ll also provide a dedicated case management service, contacting you directly via email and phone.
- Access to our round-the-clock customer portal is also available, allowing you to deal with your application, submit documents and get updates at times that suit you.
Which UK Mortgage Options Are Available For Expats In Ireland?
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Buy-to-Let Mortgages
Buy-to-Let mortgages are ideal for those who want to invest and make a profit from UK property whilst they’re living in Ireland. The UK rental market can be very lucrative and by taking on BTL mortgages from Ireland, you can make the most of this prosperity.
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Residential Mortgages
If you’ve been considering moving back to the UK at any point, taking on a residential mortgage could be a great option. Even if you’re not returning for many years, a residential mortgage can still help you secure a desirable property in a sought after location before prices rise.
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Remortgaging Options
Maybe you already own a property in the UK? If so, remortgaging can be a great option when you want more favourable interest rates and terms. It can also help you release equity so you can take advantage of other investment opportunities.
Which Challenges Do Expats in Ireland Face & How Can We Help?
Those who live in Ireland and want to buy property in the UK do have hurdles to overcome. Here are some of the main challenges you’ll likely face:
- Reduced access to mainstream UK lenders
- Currency fluctuations
- Problems with verifying income
- Small range of mortgage products
Ireland Residents UK Mortgage Application Process
Initial Consultation
During your first consultation with us, we’ll take a close look at your current situation. This will help us identify which mortgage products are right for you and gauge affordability. This will give you a clearer overview of your options so you can set realistic targets.
Collecting Paperwork
We will work closely alongside you to help you gather all the vital documentation including your proof of income, evidence of available deposit, your credit reports, identification and proof of address.
Finding the Right Lender and Making Your Application
Our specialist expat mortgage advisors will find the most suitable lenders and break down the pros and cons of each option. Once you’ve made your choice, we’ll submit the application to them and provide quotes for related services including valuations, insurance and solicitors’ fees.
We are passionate about getting our clients approved for UK expat mortgages, which is why we work hard to ensure your case is as convincing as possible, and in the format a lender would expect it to be.
Your Approval & Mortgage Offer
Once you have been approved by your expat UK mortgage lender, you’ll get a formal “Mortgage Offer”. We will explain everything to you in clear terms to ensure you fully understand the terms and conditions that come with the deal.
Completion
When it’s time to complete your UK expat property purchase, we’ll collaborate closely with all parties to ensure completion runs as smoothly as possible. The deal will be concluded when the property’s title is transferred to you.
Why Choose Expat Mortgages UK When You Need an Expat Mortgage in Ireland?
Unparalleled Market Access
Expat Mortgages UK has an excellent track record when it comes to finding mortgages for British expats and foreign nationals living in Ireland. We can connect you with specialist lenders outside of the mainstream that can tailor their products towards your own specific and personal circumstances. We work hard to ensure you’re always getting the best terms and rates possible.
Vast Experience Working With Expats
We have many years of expat mortgage experience behind us. This means we know exactly what lenders expect when you’re ready to make your applications and gives you the best possible chance of gaining approval.
All The Support You Need
We don’t just offer first-class mortgage advice. We can also help when you need assistance with insurance for a property, personal insurance solutions, property valuations, legal recommendations including solicitors plus advice on various other related topics.
Removing the Stress From Irish UK Mortgage Applications
We have worked tirelessly to smoothen the process for our valued expat clients in Ireland. This means you can benefit from digital document submission, regular updates whenever there’s important news to pass onto you and our online customer portal that you can use around the clock.
Tax Considerations of a UK Mortgage When Living in Ireland
If you are a foreign national or UK expat living in Ireland and have a mortgage on a UK property, it is important to be aware of the cross-border tax implications. You may be subject to tax on your rental income or capital gains from your UK property by both HM Revenue & Customs (“HMRC“) in the UK and Revenue, the Irish tax authority. Therefore, tax planning is important to be compliant with the law and to ensure that you do not pay tax on the same income twice.
Rental Income on UK Property
Mortgage Interest Treatment
Capital Gains Tax on UK Property Sales
If you sell your property in the UK for a profit, you may have to pay UK Capital Gains Tax (CGT). As an Irish resident, you will have to report and pay Irish CGT on this gain. You will be required to declare the gain in Ireland, regardless of whether you have already paid CGT in the UK.
While the double tax treaty generally gives a credit for the UK tax paid, and it avoids double taxation on the same gain in the same year, Ireland can offer relief or exemptions depending on how the gain was used such as reinvesting in your primary residence, but exemption is specific to your circumstances.
Disclosure of Foreign Assets
In Ireland, there are strict rules regarding disclosure of foreign income and assets. You may be required to report your UK property – or other foreign assets – to Revenue if they exceed the relevant thresholds. While they are certainly not as punitive as Spain’s Modelo 720 for example, there can still be significant penalties for not meeting the Irish disclosure rules.
Seek Professional Cross-Border Tax Advice
Due to the complexity of navigating both the UK and Irish tax systems and the risk of double taxation or additional deductions or penalties, it is highly recommended that you seek out a tax advisor that specialises in UK–Ireland cross-border tax issues. A qualified professional can assist you with ever possible way to ensure compliance with both tax jurisdictions and at the same time optimise your overall tax position.
FAQs: UK Mortgages For Ireland Residents
Is it really possible to get a UK mortgage whilst I’m living in Ireland?
Yes! We have helped countless clients secure mortgages on UK properties whilst living outside of the UK in the Republic of Ireland and all around the globe.
How much will I need for a deposit?
Most people need a deposit of around 25 – 40% of the value of the property. You may get better terms and rates if you’re able to put down a bigger deposit.
Is a UK bank account essential for a British mortgage?
No, you don’t need access to a UK bank account to take out a UK mortgage, although it can help. Your UK mortgage lender may accept payments from an Irish bank account.
Do I need to return to the UK to complete the mortgage?
No. The whole application and purchase can be completed without you stepping foot out of the Republic of Ireland.
Can I get a high Loan to Value ratio?
You’ll normally get a maximum LTV of 75%, but an LTV of 80% could be possible if you meet certain criteria.
How long does it take to get a mortgage offer?
To get a formal offer typically takes between 2-6 weeks, however, this can depend on various factors. These include the type of mortgage, whether a chain is involved and how quickly essential paperwork is submitted.
Are interest rates in the UK different for international applicants?
Not generally. The main market movements apply to all borrowers, though individual lenders may adjust pricing for certain types of cases.
To get a quick look at today’s UK mortgage rate picture, you can find our latest summary here: Latest UK Mortgage Rates
British Expat Guide to Living in Ireland: Best Cities, Regions & Property Hotspots
Ireland is a great choice for UK expats who want a fresh start without moving thousands of miles from home. The country offers excellent scenery, fantastic public services and a huge range of cultural activities.
Dublin is the capital of Ireland and attracts professionals from around the world. It’s become a major tech and finance hub over the years and is also famous for its fast-paced social scene, acclaimed restaurants and its rich history.
The second city in Ireland is Cork, which has a slightly more laidback way of life and is home to close-knit communities. It also has a fantastic food scene and gives you easy access to the picturesque south west coast.
Galway is great for young professionals and creatives and plays hosts to a large number of festivals throughout the year.
Limerick and Waterford offer affordable living whilst still giving you access to great facilities and attractions. County Wicklow is great for lovers of green spaces and is just a short distance from Dublin.
In Northern Ireland, Belfast is a vibrant option with a modest cost of living, and Derry / Londonderry has a lower-key intimate feel that makes it great for those who want a quieter life but still need access to quality attractions.
Try our Expat Mortgage Calculator UK today to discover monthly mortgage costs and the deposit needed.
Begin Your UK Mortgage Journey from Ireland Right Now!
Ireland may not be a million miles from the UK, but different legislation can make it harder to buy property in the United Kingdom. However, with our help behind you, the whole process can become a breeze. Get in touch today for your free expat mortgage consultation!