Common Mistakes that Could Affect Your Mortgage

Looking to secure your dream home in Ireland? Lyons Financial Services is here to guide you through the mortgage process! Learn about the common reasons why your mortgage application could be refused and how we can help you overcome them. Your home ownership journey starts with us.

Insufficient Income: If your income doesn’t meet the lender’s criteria for the mortgage amount you’re seeking, your application may be declined. Our advisers can help you assess your affordability and explore options to increase your eligibility.
Poor Credit History: A history of missed payments, defaults, or a low credit score can lead to mortgage rejection. Lyons Financial Services can advise on ways to improve your credit score and work towards mortgage approval.
Employment Status: Instability in your employment or self-employment can raise concerns for lenders. 
High Debt Levels: If your existing debts are too high in relation to your income, it may affect your mortgage application. We can assist in debt management strategies to enhance your eligibility.
Property Valuation Issues: If the property you’re interested in is valued lower than the purchase price, it can pose problems. 
Insufficient Deposit: A smaller down payment may limit your mortgage options or lead to rejection. Lyons Financial Services can provide advice on saving for a larger deposit or exploring alternative mortgage products.
Age and Retirement: Your age and proximity to retirement can impact mortgage approval. Our qualified advisers can help you explore mortgage options suitable for your age and retirement plans.
Unstable Financial History: Frequent changes in your financial situation or history of bankruptcy can make it difficult to secure a mortgage. Lyons Financial Services can offer guidance on building a stable financial profile.
Property Condition: If the property you’re interested in doesn’t meet certain standards or requires significant repairs, it may affect your mortgage approval. 
Regulatory Changes: Changes in lending regulations or mortgage rules can affect your eligibility. Lyons Financial Services stays up-to-date with regulations to provide you with the latest information.

Remember, Lyons Financial Services is here to assist you throughout the mortgage application process. We offer expert advice and personaliSed solutions to increase your chances of mortgage approval in Ireland.

Contact us today to get started on your home ownership journey.