Top Tips to Secure Mortgage Approval
Obtaining mortgage approval with any financial institution is all about showing the lender your ability to repay your mortgage so it’s important to have all your accounts in good order.
Irish Credit Bureau (ICB):
The lenders will rely on the ICB as their primary source at working out whether a loan application is a good risk or not. To ensure you keep a good score with the ICB, keep timely repayments on loans/credit cards and hire purchase agreements. You can check your credit report on icb.ie.
Regular savings is key to not only building up your deposit, but to show the lender a good savings record and the ability to repay your mortgage. We would advise that you set up a standing order to take a set amount from your salary each month as your are paid.
Lenders require to see proof of rent paid. If you are paying rent then we would recommend that you set up a standing order to your landlord, or parents if living at home.
The lenders need to be satisfied that you can live within your means. For example, that you are paying rent each month, saving some money and that you are used to paying out the amount equivalent of a mortgage.
Your accounts should be in credit and not relying on an overdraft. Repayments on loans and direct debits should be made on-time to avoid any unpaid items on your accounts. The lenders want to see that you are responsible with money, so they may look at things like how you deal with credit card bills and how you are spending your money each month.
We would always advise that you pay your credit card bill on time and do not use it for cash withdrawals.
We are always available to discuss your application at any time.
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