Home Buyers Guide

Chapter 5: Mortgage Basics

Would I be approved?

The easiest way to know for sure is to get 'Approval in Principle'.

This will remove the guess work and doubts, and will mean that you can look for a home knowing that the finance is not a concern. Spend a couple of minutes filling in a few details on our online mortgage application and a consultant can sort this out for you.

Here are the general requirements that the lenders consider:

• Age:

The minimum age is 18 years and the mortgage should be completed by the age of 65 or 70 (depending on the
lender).

• Credit History:

The lenders review your credit report with the Irish Credit Bureau, which will show them how well you've paid your loans in the past. If you have missed payments on your personal loans, car loans, mortgage etc, the 'High Street' may decline your application.

If this is the case, there are a range of specialist lenders that would still consider lending, even if you have problems with your credit history.

• Job:

If you are an employee, you must be permanent (and not on a probationary period). Lenders usually want you to be employed for a minimum of 6 months (but some times they'll accept less than that - for example, if you recently
moved from a competitor to your current firm, that's usually ok).

• Self Employed:

If you are self employed, the very minimum that most lenders will require is that you have been self employed for

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