Over the last few years it has become much more difficult to get mortgage approval – so here are our top tips to ensure that your mortgage application is successful:
- Ensure your loans and credit card payments are up to date. Every lender will carry out a credit check with the Irish Credit Bureau when you apply for a mortgage.
- Lenders will look for your most recent 6 month Bank statements. So make sure you keep your current account in good order – no missed direct debits and no referral fees.
- As a First Time Buyer it is important that you don’t have any other major borrowings as this will greatly impact on the loan amount you will qualify for.
- Regular savings are essential. Lenders need to see evidence of regular savings as proof of your ability to afford the mortgage.
- If you are in rented accommodation or paying rent to your parents while living at home, make sure that you pay by standing order or direct debit from your current account. Lenders will see this as proof of your ability to meet a mortgage repayment.
- If you have a credit card, try to clear the balance on a monthly basis and do not withdraw cash on the card.
- Avoid online betting transactions on your current accounts.