Ireland provides all that a person wants when it comes to primary and secondary needs. Both the locals and foreign citizens get to share the goods of the nation. When it comes to mortgage and real estate in general, the opportunities come in plenty, but with strict rules that deny some from getting loans to buy homes or apartments at their will.

Getting a mortgage is relatively simple. Someone, however, discovers that there are numerous governed rules and inspections available to ensure that the loan is available. The availability of funds is contingent on a single circumstance. Because banks are hesitant to call or visit foreigners, one must find out and see what deals they can offer. Moreover, due to the limited funding available for homes and mortgages, Ireland’s mortgage market can be challenging to navigate, especially for foreigners. It could not be very easy if you are not a legal resident of Ireland and want to invest. The best way to ensure a foreigner can get local advice and find an agreement that suits his circumstances is to look for a broker.

Furthermore, acquiring property in Ireland from abroad has made it even more complicated by the introduction of the new EU rule on lending in foreign currencies. Because the credit directive requires lenders to keep track of foreign currency mortgage fluctuations, most banks will not even consider loans for people who do not earn money in euros.

In order to obtain a mortgage as a foreigner, documentation is essential as the bank should, in theory, receive all of the documents. Typically, the application package must be handed over and then forwarded to the Central Bank office for approval. The documentation that a person is required to have is depended on the bank one wants to use. However, the following documentation can be requested by a person: –

• Copies of one’s personal documents of identification.
• Evidence of Ireland’s legal residency (live in the country for at least six months)
• One should be working in Ireland for at least one year or two.
• Papers to show that one is credit trustworthy (bank statements, credit check, proof of monthly salary)
• Documents to demonstrate mortgage affordability (cash statements)

In a nutshell, I agree that as a foreigner, all major banks and building societies in Ireland offer mortgage products, but not all of them provide the same services. This is because the products are subject to such strict conditions, they are worth checking out. In the end, the institution is the one that decides who is eligible for a mortgage or a home loan.