Mortgages in Ireland are available to those who fulfill certain criteria. An independent mortgage adviser can be a big help when thinking about applying for a mortgage and will give impartial and unbiased direction and advice to any person or couple planning on buying a home.
While banks are currently quite cautionary about approving mortgages, getting approved is possible once all the criteria have been met. There are a number of mortgage types to consider before you apply for a mortgage.
Things You'll Need
- Proof of income
- Proof of outgoings
- Proof of current address
How to Apply for a Mortgage
Before getting started, it is important to be aware of the various different varieties of mortgages in the Irish market. These include flexible mortgages, fixed rate mortgages, tracker mortgages and 100 percent mortgages. With the exception of the 100 percent mortgage, each type requires a deposit, the size of which will depend on the lender and the amount of the loan.
Decide how much you are willing to spend over the course of the mortgage and be realistic in your calculations. There are a number of websites that feature mortgage calculators that may be of assistance.
A mortgage adviser may be very helpful when applying for a mortgage. Irish mortgage advisers are required to work with at least five separate lenders so they can help find the best deal possible. It is important to check that the mortgage adviser meets this requirement. Mortgage advisers can also advise on which type of mortgage is most suitable to your budget and needs.
There are several documents that you will be required to provide to the lender to be considered for a mortgage. The lender will require proof of income. Proof of income may include a P60 tax certificate or at least three recent wage slips. You will also be required to show proof of outgoings and that you can comfortably manage your finances. You may be asked to bring a statement from your current account to show outgoings or household bills with your name and address on them. You will also be required to bring photo I.D. such as a passport or driving licence as well as proof of address, such as a household bill.
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