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There are some basic requirements that mortgage lenders will require to offer you a mortgage, which I've outlined below.
The best bet is to apply for 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:
Every mortgage lender will request a credit report, showing your credit history, from the Irish Credit Bureau. This will show them how well you've paid your loans in the past and will give details of your current loans and credit cards.
If you have missed payments on your personal loans, car loans, mortgage etc, the 'High Street' may decline your application.
If you have a bad credit history, there are a range of specialist lenders that would still consider lending but they are more expensive.
- Employment:
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 / Company Director (with shareholding):
At a minimum, most mortgage lenders will require you have been self employed for 12 months, with accounts to back up your figures. Many lenders will look 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). For more details see How Much Can I Borrow?
Related Articles:
Costs & Fees
What are my options if I can't get a big enough mortgage?
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