Posted by Scott on May 11, 2009, 8:46 am, in reply to "Re: Which bank is best for a non-resident saving for a deposit on a mortgage?"
159.134.204.130
You want to set up a tax free non-resident account which is different from what Kirstin is talking about.
Up to now, Bank of Ireland has been the most obliging and best of the major banks for setting up non-resident accounts. I'm not sure if current rules have changed since their big government bailout, but start there. http://www.boi.ie
I wouldn't myself be so gung ho about property investing in Ireland. We haven't hit bottom yet, just slowed the rate of descent. By some reckonings, there is a 14 year supply of houses available on the market. That's a big overstatement, I think, but everyone agrees there's many years worth of normal sales already on the market. And everyone agrees that there are hundreds of thousands more homes built than there are potential owners.
We'll all know when the turn comes, and no way is there going to be another mad rush into property driving properties rapidly skyward. As soon as any such thing happens, another 100,000 homes will be put on the market.
Incomes are dropping precipitously and home prices MUST drop to the historic, sustainable rate of 3 to 4 times total annual income. That works out to somewhere between 100 - 250 thousand. My own perusal of the ads shows most still well above 200K and Dublin still totally out of line with reality.
People will die, have divorces, unemployment figures are ratcheting up so some folks unfortunately will have to sell or walk away for that reason. People will have to sell and take what they can get for any of these and other personal reasons. Prices will come down as people get desperate to get the mortgage payments off their necks.
Give it at least 6 months to see where we are. It still hasn't penetrated the public perception that the madness will NOT return. Too many people burned, banks too tight.
Which brings up the other matter. The banks aren't lending. A good credit rating is nice, but they want to see these days is a guaranteed permanent job - if such exists - and plenty of collateral and a solid whack of a down payment.
Rent is my advice. When the time comes and there is a turn, no way are prices going up by multiple percentages per month. Those days are over, gone, although no one has quite gotten that into their heads.
Scott
--Previous Message--
: Unfortunately, I think you are out of luck. I
: lived in Ireland for 2 months before they
: would let me set up a bank account. They
: required my passport, a bill with my name
: and address (in Ireland) on it, and my PPS
: number. They told me no way without them.
:
: --Previous Message--
: Hello all,
:
: First off, I love this site! I am new and
: have already gained loads of valuable
: information. Thank you so much!
:
: My question and a little about my
: situation...
:
: I am a non-resident trying to save for a
: down payment on a mortgage. I am a US
: citizen and do not live in Ireland, and
: won't for several years (5+ years to be
: exact). I do spend much time in Ireland
: visiting cousins as I live in Germany right
: now. I love my time In Ireland and would
: like to buy a house there while prices are
: low.....and so I can start paying down on a
: home now for the future retirement.
:
: With all that being said, does anyone
: recommend a bank to place an on going
: savings?.... one that is more willing to
: lend to a non-resident who has established
: an account with them?
: Any advice is very much appreciated
:
: Best wishes, Kimme
:
:
:
Message Thread:
« Back to thread