Important things to consider when applying for a mortgage
The maximum mortgage is generally 3.5 times your gross annual income and 80% of the property value (90% of the property value for First Time Buyers, 70% of the full property value for Buy to Let) but these limits may vary.
It is always important to pay close attention to how the lender's will view your mortgage application. I’m sure you have heard a lot recently about how it can be difficult to secure a mortgage but in our experience if you present the application as the lender wants it then you will have no difficulty securing the finance you want.
So take a look at a few simple items that the lenders will look at in assessing your application.
Employees, full time permanent employment within the Republic of Ireland.
All salaries are mandated for a minimum 6 months.
Self-employed, 3 years audited accounts.
6 months "proven repayment ability" for mortgage being sought.
Strong savings record for a minimum period of 6 months.
Good current account maintenance.
Evidence of rental payments mandated (if applicable).
Sufficient contribution to cover deposit, 10% / 20% / 30%.
No history of credit issues within the last 5 years.
These are just a snapshot but if you can present a strong application with good savings or rent payments or a combination of both then you are giving the bank a picture that you can meet the repayments you are looking to take on and that is key to the success of your application.
Warning: If you do not keep up your repayments you may lose your home.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.