The maximum mortgage for First Time Buyers is 90%, for Trading Up is 80% and for Investors is between 50-70%. As a general rule the amount you can borrow is 3.5 times your gross annual income, however there are exceptions to this rule.
You must be over 18 years of age and hold social security number. Lending criteria, terms and conditions apply, for further information on how much you can borrow please contact us at Ireland Mortgages.
When looking around for a mortgage, try and look beyond the interest rates. You should also think about the various features offered by different lenders, and how they fit in with your current and future plans.
There is a lot to consider when choosing the right mortgage for yourself. Fixed or variable interest rates, term, mortgage type, loan amount etc. Small things can make a huge difference, which is why it pays to talk to a Mortgage Broker.
We at Ireland Mortgages have simplified the mortgage process by guiding you through the following stages from arranging mortgage approval to closing your mortgage.
It is important to sit down and discuss with one of our Advisors your requirements. We will need you to provide or confirm a number of details in order for them to assess your case accurately. Once the Advisor has checked that you meet the criteria the next stage is to submit an application for approval to the chosen bank.
In order to submit an application to the lender, you must meet their documentation requirements and in this regard we have provided a checklist of the required documentation along with the necessary application forms, declaration etc. The Advisor will then review all documentation, put together a lending report and submit your case for approval to the lender.
Once the lender has underwritten your application and they are satisfied it meets with their criteria they will issue Approval in Principle, which will include conditions of approval. This will then allow you to secure your property, once the property is secured we will then arrange a valuation to be done on the property and sent to the lender. Once all Approval in Principle conditions are met, the bank will then move your application to the next stage which is Loan Offer.
The bank will issue the loan offer along with a legal pack to your solicitor, you must contact your solicitor to arrange a time to meet and sign contracts along with other legal documentation.
The next stage of the mortgage process is to arrange mortgage protection and home insurance. At this stage we will contact you to arrange quotations.
The final part of the mortgage process is to ensure that all conditions set by the bank have been met. Your solicitor will have returned the documentations to the lender for final sign-off. Once the lender is satisfied that all conditions of approval have been met by you, they will release the cheque to your solicitor to complete the buying process for your new home.