How to get a Mortgage in Ireland
Ready to take the leap and start the journey towards owning your own home? Before you start browsing the market and viewing properties, it’s important to get what’s known as an ‘Approval in Principle’ from a lender. With numerous steps involved, this process can seem quite daunting, however, we are here to help! This handy mortgage guide breaks down everything you need to know about how to get a mortgage in Ireland.
What you need to know about getting a mortgage in Ireland!
Steps to getting a mortgage in Ireland
Get your finances in order
When you are applying for your approval in principle, you will be asked for your most recent 6 months of financial statements i.e. bank statements, credit card statements, credit union statements. These act as supporting documentation for your mortgage application. This is good to keep in mind in the lead up to your application as you want your finances to be in the best shape possible.
Other mortgage documents you will need
In addition to your 6 months of financial statements, you will also need the following documents to support your mortgage application:
- Income verification details (Employed) – If you are employed, you will need a recent employee status report which is stamped by your employer. You will also need your two most recent payslips and your most recent P60.
- Income verification details (Self-employed) – If you are self-employed, you will need proof of your audited accounts for the past two financial years. You will also need proof of your tax returns for the past two financial years (this is your P21 or your notice of assessment).
- Photo identification – two forms of photographic ID i.e. driver’s licence and passport.
Proof of address – two utility bills or bank statements which show your current home address. These should be dated within the past six months.
Approval in Principle – what is it?
Once you have all of your documentation ready, it’s time to apply for your Approval in Principle (AIP). An AIP is a letter signed by your lender which will show the amount that they are willing to lend you. This letter is normally valid for six months, after which you will need to re-apply. Curious as to how much you might be approved for? Take a look at our mortgage calculator tool.
Using a Mortgage Broker
To ensure you are accessing the most impartial advice on the market, we highly recommend using a mortgage broker. At Irish Mortgage Corporation, we have access to every single mortgage lender that is currently operating in the Irish market. We can take the stress out of the mortgage application process by researching the entire market and reporting back with details on the current mortgage lenders, what repayment offers are available and what ones best suit you and your needs.
Keep in mind, if you choose to go directly to a mortgage lender that you may not be getting impartial advice and their offering may not be suitable for you and your requirements.
At Irish Mortgage Corporation, our team is here to help and negotiate on your behalf, so as you get the lowest interest rate possible on your mortgage repayments.
Ready to take the next step? Contact our experts at Irish Mortgage Corporation today by calling 1850 444 474 or 01 669 1000 or by emailing info@irishmortgage.ie
Still have questions about the First Home Mortgage Scheme? Contact our experts at Irish Mortgage Corporation today by calling 1850 444 474 or 01 669 1000 or by emailing info@irishmortgage.ie – or use the form below – the quickest, simplest way to speak to an Advisor.