Mortgages

We are experienced mortgage brokers

Whether you are a

first-time buyer

or are borrowing to buy a

second home

or

investment property

, there are certain things that lenders look for. While you may not be able to easily change some of them (your job, for example), here are some steps you can take to improve your chances of borrowing what you need.
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All our

financial advisers

are experienced

mortgage brokers

and know the particular terms and conditions that each lender applies. They will be able to answer any specific questions you have, and help you make the best case to a lender. Call us today on 05793 50079 to make an appointment.
But first, a word on deposits.

First-time buyers

The Central Bank of Ireland’s new rules on deposits dictate that where the value of the property is under €220,000

first-time buyers

may borrow up to 90%, providing the balance of 10% by way of a deposit. Where the property is selling for €220,000 or more, the LTV (loan to value) ratio must be 80%, which means that the deposit must be 20% of the value of the loan. Non-first-time buyers may borrow a maximum of 80%.

Tips To Being Mortgage Ready

Employment

It goes without saying that you should have secure employment and preferably in a sector that is relatively safe from the effects of recession. Full-time permanent positions are ideal. In certain circumstances, a long-term contract will be acceptable (with a state agency, for example). Lenders will look more favourably on you if you have held the position for at least a year.

Money Management

Show evidence of
regular savings
. Even if you are receiving a gift to help you make up the deposit, lenders like to see you have the discipline (and the disposable income) to save regularly. They like to see at least 50% of your deposit made up of your own savings. Lenders will assess your repayment capacity based on your ability to make regular rent payments, or, if this is not your first property,

mortgage payments

. Your current account should be in good shape. It’s OK to have an overdraft facility but ideally you will not be using it! Lenders look closely at how you spend your money so think about how your spending might come across and adjust your habits accordingly – don’t blow your wages on pay-day, for example, and cut down on that on-line gambling!

Credit History

Lenders want to see a clean credit history. Even where you are up to date on your repayments, it is best not to have a high level of personal borrowing. If you have short-term loans (a car loan for example, or credit card balance) try to pay them off before

applying for a mortgage.

Income

In 2015, the Central Bank of Ireland Introduced new rules for lending for the purposes of buying a principal dwelling and these include a rule that they can lend a maximum of 3.5 times your annual gross income. This rule doesn’t apply to

buy-to-let mortgages

.
Each lender will have its own rules regarding what proportion of your net income your mortgage repayment should be. Talk to our experienced mortgage brokers today about maximising your chances of being approved for a mortgage. Call us on 05793 50079 or email on info@clevermoney.ie
Warning: If you do not keep up your repayments you may lose your home.

Everybody’s different, but everybody’s vulnerable

TALK TO REAL PEOPLE
At Clever Money, we believe in meeting our customers face to face. Our qualified financial advisers take the time to get to know your circumstances so that they can offer tailored advice. You won’t get that from an online-only insurer.
CHOICE
We are authorised by the Central Bank of Ireland as an authorised adviser, which means we can offer you products from all the leading life companies. For you, that means we can guarantee you the lowest premium.
If you’ve been thinking that your family would be vulnerable should something happen to you, our financial advisers would be happy to advise you based on your own circumstances.

Give us a call today on 05793 50079

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