Get your paperwork together for your mortgage application
In general, once a strong and thorough mortgage application has been submitted approval can happen in as quickly as two weeks. Although at the moment, as the market is recovering, the lenders are extremely busy and it is taking a bit longer than normal to get approval.
However, the key is to make sure all of your paperwork is in order. Mortgage applications that don’t have all the documents required will slow down the approval process.
It’s important to realise that getting all your documents together could take much longer than approval itself. We advise our customers to get started as soon as possible collecting all the documents they need.
Remember, lenders are going to go through your application with a fine tooth comb. They have to do this due diligence both for themselves and for you. It’s important that you are not overextended by a mortgage that a lender provides to you.
The list of documents lenders will want in your application include:
● Your payslips (six months)
● Your Employment Detail Summary from Revenue (this used to be known as your P60)
● Your passport
● A recent utility bill with the address where you are living on it
● Bank account statements (six months)
● Bank statements for any loans and mortgages you may have
● Credit card statements
● Credit union statements
Remember the power of your deposit
We tell our customers that your deposit is your mortgage superpower.
And trust us, that is by no means an exaggeration.
You place enormous power in your own pocket by saving for a deposit.
Firstly, lenders will view your mortgage application with more reassurance about your risk profile if you can demonstrate a record of consistent savings.
Secondly, saving regularly and being able to show that will also help your mortgage application move through the approval process much quicker. And more smoothly.
We encourage our customers to view their mindset when it comes to saving for their mortgage. Treat saving for a mortgage as a fun challenge that is going to get you to where you want to be.
This way, you won’t view saving through the “prism” of sacrificing.
Every €10 you save is €10 closer to you qualifying for a mortgage.
shares these details about the HTB Scheme on their website.
“The Help to Buy (HTB incentive is a scheme for first-time property buyers. It will help you with the deposit you need to buy or build a new house or apartment. You must buy or build the property to live in as your home.
The incentive will give you a refund of Income Tax and Deposit Interest Retention Tax (DIRT) that you paid in Ireland (minus any refunds you have already claimed). The refund will be from the four years prior to making the application.”
In July 2020, as part of the response to the pandemic, the government increased the HTB Scheme from 5% to 10%. The 10% limit is in place until 31 December 2021.