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Getting Mortgage Ready?

28 Jan 2019

New Year, new dreams. If you are looking at buying a new home or trading up during 2019 don’t hesitate to get in touch with us.

We can arrange a new mortgage on your behalf. Indeed where you have an existing mortgage there is no harm in checking just how competitive your existing repayment rate is. New laws now ensure that if you are moving off a fixed rate mortgage, your current lender is obliged to give you more details relating to the rates you can move onto – however you might still wish to check out other lenders as the mortgage market has got very competitive.

As well as competitive mortgage rates many lenders also offer additional incentives including cash back payments – e.g. at present PTSB offer a 2% (of your mortgage loan) cash back – which will give you welcome cash to meet those costs of setting up home. Your Existing Lender is not going to give you any such incentives – so worth having a look at what the market is offering.

Getting Mortgage Ready

We can help you find the best mortgage amongst the key mortgage providers. Getting the paperwork ready is a KEY requirement of any lender so briefly you should be looking to gather up all the necessary paperwork that you will have to submit with any such application.

Firstly we will only ask you to complete ONE application form (which we can submit to all the lenders on our panel) – saving you the hassle of completing multiple forms. We will however have you complete a Declaration for each Lender and we will supply these to you when you might call us.

The paperwork includes; 12 months recent bank statements (all accounts) / your 3 most recent payslips (for you both if a joint application) / a statement from your employer confirming your earnings / evidence of all savings (e.g. regular savings to credit union etc. / details of any other loans including car loans and credit card balances / ID evidence.

How much can I borrow?

The Central Bank have lending rules which apply to applicants. First time buyers are obliged to have a deposit of 10% (of the mortgage amount) and second time buyers need to have a deposit of 20%.

At its most simple a Lender will likely give you 3.5 times your joint earnings. So if you were joint applicants and earned € 80,000 between you, you can expect to be accepted for approval for €280,000. However there are ‘exceptions’ to the rule which means you can potentially secure a HIGHER AMOUNT – we can review your personal situation and advise you of the actual amount we feel you might be able to borrow – this will differ from Lender to Lender – this is why we do this legwork for you.

What should I do next?

If you are ‘just looking’ you should nonetheless give us a call and be getting the paperwork ready. We can apply for Approval In Principle (AIP) for you – this document is not a formal loan offer but is a letter from the Lender indicating how much you can expect to receive if you then formally apply for a mortgage. By making an offer (with Approval In Principle in place) this means that your ‘offer’ is a strong offer – as you have demonstrated to the selling agent that you have the finance ready to do the deal.

Will it cost me anything to call you?

Unlike some of our competitors – we do NOT charge a fee for seeking Approval In Principle for you – so why not call us anytime (or send us a mortgage request – via our contact page) and let us see what we can do for you.

Be sure to read our testimonials on our home page – from happy mortgage customers to-date.

Phone:- 01 2530060

Full Circle Financial Services Limited is regulated by the Central Bank of Ireland – C130136