First Time Buyers
Taking out a mortgage and buying a new home is probably the biggest and most exciting financial decision you will ever make. It involves a lot of planning and organisation and that’s why we are with you every step of the way.
Max borrowing is 3.5 times combined income subject to several factors including, but not limited to, age, number and age of dependents, existing financial commitments, level of savings etc.
Why use Financial Sense when applying for a Mortgage?
Buying a house and getting a mortgage can be a challenging process with many people finding it very stressful and time consuming. Working with Yvonne will make your life easier as she will answer any questions you may have and ensure that the process runs as smoothly as possible.
We deal with a select number of Lenders who have very competitive interest rates. We can advise you on the best interest rates available from these Lenders and which ones are most likely to approve your application based on their lending criteria.
At Financial Sense, we deal with the following Lenders:
• Haven (AIB)
• Finance Ireland
• ICS Mortgages
What is Approval in Principle?
What do lenders base their decision on?
Income: Lenders will look at your annual income and some may take bonuses and overtime into account. Some may factor in rental income if you plan to rent out a room.
Age: What age you are now, what age you will be when you retire and/or when the mortgage ends.
Outstanding loans: if you have other loans or a high credit card balance this may reduce the amount you can borrow or may affect your ability to get a mortgage.
Employment status: A lender will look at whether you are in permanent employment or on probation. If you work on contract they may require you to be employed for at least 12 months with the same employer or be on a second contract with the same employer.
Residential status: Are you a resident in Ireland or a returning emigrant.
Outgoings: Lenders will take your other financial commitments, such as childcare, into consideration.
Money management: Lenders will look at your bank statements and assess things like ability to meet direct debits and standing orders, if you are using an overdraft facility on a regular basis, if there is evidence of excessive use of online gambling etc.
Savings: This shows that you have saved enough for your deposit and have the ability to save a set amount of money on a regular basis.
Credit history: This shows your track record of paying other loans in the past. A poor credit history can prevent you from getting a mortgage.
Property value: The purchase price of the home you want to buy (if you have one in mind) and the value of your current home, if you plan to sell and buy a new home.
Amount you wish to borrow: This is the amount you apply for and is the difference between the purchase price of the property and the deposit you have saved.
Number of applicants: Are you borrowing by yourself or with someone else.
You will need to complete an application form and supply a number of documents such as the following:
- Proof of Identity – Passport or Driving Licence
- Proof of Residence – A recent utility bill* *No more than 3 months old e.g. ESB, telephone, Credit Card Statement
- Employment Summary Detail (previously known as the P60) – you can this from the My Account facility on the Revenue website
- Last 3 payslips – 3 months payslips so if paid weekly it’s actually the last 13 weeks payslips
- Bank Statements – 6 months original continuous Current Account Bank Statements for both personal and business bank accounts (the latest dated within the last 3 months)
- Savings/Balance of Funds – 6 months continuous original Savings Account Bank Statements or e-statements (the latest dated within the last 3 months) showing accumulation of savings balances plus Any other documentation required to verify savings record and/or the balance of funds required.
- Credit Card Statements – 2 months continuous original Credit Card Statements or e-statements (the latest dated within the last 3 months)
- Evidence of Deposit – if not included on any of the above
- Existing Loans – Minimum 6 Months Statements for any borrowings held
- Accounts – Last 3 years Audited/Certified Accounts and Tax Returns
- Tax Affairs – Letter from Accountant confirming tax affairs are up to date/tax clearance cert
First Time Buyers Help to Buy incentive
Need Some Guidance?
Call us on:
Tel: (059) 913 3800
For Mortgages of €100,000 or more, we charge a fee of €350 including VAT. For Mortgages less than €100,000 we charge a fee of €500 including VAT.
WARNINGS: In accordance with the provisions of the Consumer Credit Act 1995, the following are for your attention:
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.
Note: The above notice in respect of adjustments to repayment rates will not apply during any period when the loan is at a fixed rate.
In accordance with the provision of the Consumer Protection Code (CPC) 2012 the following are for your attention:
WARNING: IF YOU DO NOT KEEP UP YOUR REPAYMENTS YOU MAY LOSE YOUR HOME.
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.
The following warning applies in the case of variable rate loans:
WARNING: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE.
The following warning applies in the case of fixed rate loans:
WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY.