Whether this is full time job, if you’re on a contract or Self employed you need to show the lender you have an income to support the mortgage amount you are seeking.
If PAYE you will need to supply your last 3 months pay slips, employment detail summary which shows income earned last year & a salary cert filled in by your employer which confirms your start date, occupation, basic salary & if you have any other income(Bonus, shift allowance, commission, overtime etc).
If Self employed the lenders will ask for your last 3 years audited accounts (Chapter 4 & form 11 if a sole trader) & confirmation from your accountant to confirm your tax affairs are up to date.
If you are a first time buyer you need to have 10% deposit e.g if buying at €300k you need €30k & this can come from savings, a gift from a family member or if buying a new build you can get this from the help to buy scheme.
Second time buyers are required to have 20% deposit & if buying an investment property then you are required to have 30% deposit.
If your new monthly repayment works out at say €1000 a month you need to show you can meet these repayments through regular savings or rent or both over a 6 month period before applying. TIP: if paying rent make sure it is evident going out of your account each month & if saving make sure you are not withdrawing from the savings throughout the month, Set up a direct debit or standing order each month to show consistency on rent/savings. If you plan to clear a loan before you drawdown your new mortgage this payment can be used to establish affordability also but only if the loan is closed before you move into your new home.
This means showing you are not under any financial pressure before you apply for a mortgage so this means no missed direct debits/standing orders, constantly going overdrawn on your account and getting referral fees. Lenders will generally ask for 6 months recent statements on all accounts…. including Revolut.
Tip-Keep gambling out of the accounts.
This means no missed payments on loans, credit card, overdrafts, previous mortgages etc. This could be a huge factor when it comes to getting mortgage approved even if you meet the above 4 points. The best piece of advice I ask all clients who are thinking of applying for a mortgage whether its now or in the next few years is order your credit check and if something from your past has shown up on this then best to address it now and speak to a mortgage advisor.
If you have any questions, please visit Instagram page @the_mortgage.guy
30 December 2020
We at Fleming Real Estate hope you enjoyed the above if you need any mortgage requirements let us know and we can pass on contact details.
But we are a property company so here is some property information that might be useful.
Average sold price in the last 6 months: €452,374
Average 2 bed; €315,249
(average size 51sqm) €4,978 €/sqm
Average 3 bed; €423,572
(average size 73sqm) €4,452 €/sqm
Average 4 Bed; €621,670
(average size 103sqm) €4,188 €/sqm
Average sold price in the last 6 months: €344,848
Average 2 bed; €328,818
(average size 67sqm) €5,192 €/sqm
Average 3 bed; €429,714
(average size 94sqm) €4,558 €/sqm
Average 4 Bed; €620,000
(average size 143sqm) €4,336 €/sqm
Average sold price in the last 6 months: €792,712
Average 2 bed; €523,917
(average size 76sqm) €6,882 €/sqm
Average 3 bed; €655,462
(average size 113sqm) €5,838 €/sqm
Average 4 bed; €1,139,643
(average size 188sqm) €6,100 €/sqm