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The Ultimate Mortgage Checklist – Here’s how to get a mortgage in Ireland

For anyone starting off on their mortgage journey it is essential to understand the requirements for getting a mortgage in Ireland. Below we set out a mortgage checklist that is designed to help you be prepared to make a successful mortgage application. Let’s start with:

How to get a mortgage in Ireland

The main thing to understand is how banks assess a mortgage application. In order to successfully get a mortgage you need to meet these mortgage requirements.

So let’s start there!

 

Income

A really important factor for a bank when assessing income is can it be deemed to be sustainable. As such, a bank wants to see that you are in permanent employment with probation complete. Contract workers can also be approved but the bank will look at past contracts, duration of current contract and industry the applicant is in.

Can I get a mortgage while on probation?

We have successfully secured approval for mortgage applicants who are on probation. This is on a case by case basis and will involve providing a background summary of the applicant (CV style summary noting academic and employment history). The bank will assess the risk as to whether if this employment ceased could the applicant secure similar employment based on industry, experience etc.

Deposit

You need to have 10% of the purchase price of a property. This can come from savings, help to buy (which applies to first time buyers) or a gift if you are lucky enough to be in receipt of one.

You also need to bear in mind that you will have transaction costs to complete out on a purchase such as stamp duty (1% of the purchase price up to €1,m and 2% on any amount above that) plus also legal fees (budget €3,000), valuation and survey fees budget €600. Overall it would be prudent to budget another 2% of the purchase price for costs.

Repayment Capacity

You need to have 10% of the purchase price of a property. This can come from savings, help to buy (which applies to first time buyers) or a gift if you are lucky enough to be in receipt of one.

You also need to bear in mind that you will have transaction costs to complete out on a purchase such as stamp duty (1% of the purchase price up to €1,m and 2% on any amount above that) plus also legal fees (budget €3,000), valuation and survey fees budget €600. Overall it would be prudent to budget another 2% of the purchase price for costs.

How long does it take to get mortgage approval in Ireland?

In general, once a full pack of documents is submitted then it takes approx. 10 working days for your mortgage approval in principle to be issued.

It is so important to have a full set of documents to submit to a mortgage lender to avoid delays and as such we have set out the documents required to make a mortgage application in Ireland.

Use this as your mortgage checklist!

Mortgage Checklist Ireland

When you are making a mortgage application in Ireland you are required to provide the following documents

INCOME (Employed Applicant)

  • 3 months payslips

  • Employment detail summary (EDS)
    • This can be sourced from MyAccount on Revenue.ie
    • You will need to provide the latest end of prior year EDS plus may be required to show the last three years if you earn variable income
  • Salary cert to be completed by your employer – doddl salary cert which we provide can be used for all lenders

INCOME (Self Employed)

  • Form 11 and Chapter 4 receipt from ROS for the last 2 -3 years (depending on the lender, some 2 years, some the requirement is 3 years)
  • Tax clearance cert or a letter from your accountant to note tax affairs are in order
  • Signed Financial statements (Limited Co status) for the corresponding years to tax return above or for sole traders signed P&L
  • 6 months business bank statements (some lenders look for 12 months)

Your mortgage advisor at doddl would work through the nature of your business and income so as to present same to the bank

    BANK STATEMENTS

    • 6 months statements on all accounts, sole, joint, current, saver, digital (Revolut or other), Investment (Davy, DeGiro etc)

    Full six months is required with last transaction dated within the last 4 weeks.

      IDENTIFYING YOU

      • Clear copy of your passport or driving license
      • Utility bill or bank statement for your current address

      LOAN, MORTGAGE & CREDITCARD STATEMENTS

      The banks all run a credit check (CCR check) and as such they generally do not require sight of credit agreements unless it is not evident on CCR or if there is a specific purpose such as a closing statement on a loan etc.

      Be aware that all credit facilities over €500 are evident on the CCR check and as such need to be disclosed on your application.
      Any issues or concerns re arrears you can carry out your own CCR check for free to see what the lenders see, go to.

      OTHER

      • Foreign credit checks are required if you hold an account outside of ROI or have lived outside of ROI within the last 3 years
      • If you are separated or divorced a copy of any agreement in place will need to be furnished so the bank can understand status and any commitments arising from same
      • Visa Status. Iif you are from outside of Europe and require a Stamp work permit this will also need to be provided with application
      • Building a home. Costings, grant of planning and PI cover will need to be provided – your mortgage advisor at doddl will confirm all and provide templates
      • Help to Buy. Evidence of Application and level of rebate under help to buy will need to be furnished if same is being availed of as part of deposit for a first time buyer on a new build
      • First home scheme. Approval under the first home scheme will need to be submitted as part of the mortgage application

       

      All of the above will be discussed with your advisor so you are clear on requirements.

      Get help securing a mortgage in Ireland

      When you choose doddl, our aim is to always submit a full and comprehensive pack to ensure your mortgage application is clear and readily approved.

      We spend a huge amount of time preparing a credit proposal to submit with your application pack to showcase the key points of your application.

      This has led to over 99% of our applications being approved.

      We work in mortgages every day, our team are mortgage experts.

      We understand what the banks mortgage requirements are, we know how to get a mortgage in Ireland.

      Your mortgage advisor at doddl will help you get a mortgage in Ireland.

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