There are more than 250 mortgage products on the market in Ireland. And as an individual, navigating this market can feel a little overwhelming.
But there is good news!
We partner with our clients to follow a proven step-by-step process for mortgage applications.
Once you understand how to put together a strong application, most of the work is already done. Our promise to you is to remove the stress and make finding the right mortgage for you simple.
Calculate how much you can borrow
First things first, you have to get a strong idea of how much you can borrow for the property you wish to buy.
You can begin crunching your numbers by using our mortgage calculators. We have five calculators available for you depending on the type of mortgage you’re looking for:
We will also work closely with you to calculate an accurate figure of how much you can reasonably borrow.
Lenders in Ireland are governed by the rules of the Central Bank
. Under these rules, you may borrow up to 3.5 times your annual household income. (If you’re submitting an application as an individual, this figure will be calculated on your income alone. If you’re submitting an application as part of a couple, then your combined household income will be taken into account.)
As a general rule of thumb, most lenders can lend you a sum up to 90% of the price of the property you wish to buy.
However, different lenders have different criteria and different ways of calculating your suitability.
One of the services we provide to our customers is to help them understand how a lender is assessing their finances and whether this fits with their budget.
We work closely with nine lenders in Ireland.
This means that you are not obligated to apply for a mortgage by the same bank you do your day-to-day banking with on a regular basis. Your mortgage is considered a separate financial product and you are free to apply with any lender.
When lenders evaluate your mortgage application, they place a priority on four aspects:
● Your income
● Your age (to calculate a maximum term of mortgage)
● Your outgoings on loans and credit cards
● Your monthly household expenses