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Applying for a Mortgage? Start preparing now!

There seems to be a lot of mixed messages when it comes to applying for a Mortgage. Some friends or family you speak to will tell you it was straight forward and others will tell you it was a nightmare!

So why is there such a difference in experiences?

Not being prepared

There is a misconception that if you are earning a good wage, you’ll automatically get a mortgage. Whilst this can be true in certain scenarios, the likelihood is you’ll need to build up your ‘affordability’ before any lender will look at approving your mortgage.

Proving your affordability, simply put, is saving for at least 6 months before applying for your mortgage. Opening up a separate savings account and putting away a set amount each month (of roughly what your mortgage repayment would be) shows the Lender you are serious about taking out a mortgage and gives them comfort that you can cope with the added expense once you buy your home.

You may be asking ‘how do I know what to save each month?’. Rule of thumb, for First Time Buyers, it’s 4 times your annual salary and for Second Time Buyers, its 3.5 times. Once you’ve worked out roughly what you may qualify for, you can use websites such as CCPC to determine what an approx. monthly payment might be.

Saving & Renting – Do I need to do both?

A lot of people will be out renting and as we all know rent payments at the moment can be higher than a mortgage repayment. Remember that the Lenders will take rent payments into consideration for proving your affordability for the mortgage. So if you are renting at €1500 per month and your proposed mortgage repayment is €1200 then you are ok!

Tip! Make sure you have a standing order/direct debit to your landlord for the rent payment every month so it’s clear to the Lender. If it’s cash rent, you’ll need to have a ‘rent book’ and prove this to the Lender.

Conclusion: Preparing for your Mortgage is key

Taking proactive steps now to prepare for applying for a mortgage will save you time, energy and stress when the time comes to applying. That’s where we can help!

For personalised advice and to start planning for your home ownership journey, contact our Ezfees Financial team at 0818 910 800 or send us an email at info@ezfeesfinancial.ie. Plan today for a secure tomorrow.

Ezfees Financial Ltd T/A ezfees financial is regulated by the Central Bank of Ireland. Reg no 489026

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