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Would I Be Approved for a Mortgage?
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.
Here's the general requirements that the lenders consider:
- Age:
The minimum age is 18 years and the maximum is usually 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.
- Job:
If you are an employee, you must be permanent (and not on a probationary period). Lenders usually want you to be employed for your current company for a minimum of 6 - 12months (although some lenders may require you to be in your current job for longer than that).
- Self Employed:
If you are self employed, the very minimum that most lenders will require is that you have been self employed for 12 months. Very often, they are looking for you to have 2 - 3 years under your belt.
- Affordability:
What size mortage you qualify for will depend on your disposible income - which mean what you are left over out of your pay each month after tax and other commitments such as loan repayments (and maintence if applicable).
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