Can We Get A Mortgage?

Can We Get A Mortgage?

 The following is a breakdown of what you need to get a mortgage.

1. Employment

You must have full-time permanent employment for at least twelve months in an “acceptable field”. Unacceptable fields are, for example, construction-related employment or contract employment. If the application is dependent on two incomes, then both employments must be satisfactory.

2. The Deposit

You must have 10% of the price plus your costs – this will be around 3% of the price. Lenders really want to see that you have saved this money regularly over an approximate period of about two years. Some lenders will allow you to take a gift from a parent, for example, to cover the deposit; however, in this case, you would need to have been paying rent for a considerable period or paying back a loan, as this shows the lender that you can make the mortgage repayments..

3. A Good Credit Rating

If you had loans in the past they may show up on a credit check which each lender will undertake. This check will show whether or not you repaid these loans within the terms of your agreement. If this check shows up a missed payment within the last two years it is likely your mortgage application will be declined. Another way of establishing a good credit rating is through your bank accounts. Your current account should show a core positive balance each month. This is demonstrating that you have sufficient income left over to pay your mortgage. As mentioned previously regular monthly savings or loan repayments will help create a good credit rating. If you are thinking about buying a home in the near future you can now put a plan in place to ensure you qualify by following the points in section 1, 2 & 3 above.

For more information contact our Dundalk office on 1850 677 678