Home Buyers Guide

Chapter 5: Mortgage Basics

Would I be approved...cont?

12 months. Very often, they are looking for you to have 2 - 3 years under your belt.

• Affordability:

What size mortgage you qualify for will depend on your disposable income - which means what you are left over out of your pay each month after tax and other commitments such as loan repayments (and maintenance if applicable).

Mortgage Application Process

Applying for a mortgage is straight forward:

Visit the online mortgage application page and fill in a few basic income, loan and contact details (or call
1890 44 66 44 to speak to a mortgage consultant).

• An experienced mortgage advisor will contact you within 24 hours (Monday – Friday).

• He / she will calculate the maximum mortgage you’d qualify for, and will work out a selection of quotes for you.

• You’ll either be emailed or posted an application form (you choose which suits you better) to sign, and a short list of supporting documents the lenders will require, such as your P60 and pay slips.

• Complete the form and return with the supporting documents.

• Formal ‘Approval in Principle’ will be issued within a couple of days by the mortgage lender.

• When you successfully bid on a property and place a booking deposit, contact the broker, who will arrange a
valuation on the property.

• Your ‘Letter of Offer’ will be issued within a few days of the valuation being completed. The letter of offer outlines the mortgage term (i.e. the number of years you decided to take the mortgage over), the interest rate etc.
Once you have the offer, you can sign contracts.

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