Home Buyers Guide

Chapter 1: The 10 Steps to Buying Your First Home:

The factors that can effect what you’d be able to borrow include:

• Age
• Existing loans
• Disposable income
• Credit history
• Occupation
• Employer
• Industry
• Employment contract status
• Savings patterns
• The deposit you have (and how you raised it)
• How many kids you have
• The mortgage term (i.e. how many years you’ll take the mortgage over)
• What type of interest rate you choose

TIP: There’s a wide range of lenders in Ireland and each lender uses different criteria, or rules, to work out how much you can borrow. The different rules mean that the amount you’d be approved for varies significantly from lender to lender. If you want to find out your maximum approval amount, speak to a broker who deals with 10 or more lenders.

Warning: Do NOT rely on approval calculators on mortgage or property websites:

You'll get a rough indication of what you can borrow on most property and mortgage websites, but you have to take these figures with a pinch of salt.

The problem is that there are lots of different factors which mortgage lenders take into account when they calculate how much you can borrow, so getting an accurate figure from any website is next to impossible.

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