What is the fastest way to get a mortgage in Ireland today? To those unfamiliar and/or engaging with the process for the first time, it can seem drawn out and overly complicated. However, it doesn’t have to be that way. While different people will likely want to use different approaches, but there are some general rules that everyone can follow to ensure their application goes as smoothly as possible.
The first thing one should do is make sure their financial situation is otherwise well and accounted for. In addition to employment and income, this can include things like home insurance and valuation of the property. One should also consider how long they’ve lived in Ireland; depending on the lender, this may be important in their consideration of an application. Borrowers should furthermore ensure that they have good credit and are not too heavily in debt. Lenders are likely to be more apprehensive regarding borrowers with unstable financial backgrounds, as they seem less likely to be able to ultimately repay their loans.
The next things one should keep in mind are the rules and regulations regarding mortgage lending in Ireland. One should consider whether or not this is their first time getting a mortgage, as this will determine the minimum amount of their initial deposit; for example, first time buyers are required to have a minimum 10% deposit, and second/subsequent buyers a minimum 20%. Similarly, the amount that banks are allowed to lend as allowance for the mortgage is also dependent on the borrower’s circumstances; 5% of the value of the mortgage can be lent to first time buyers, and up to 20% can be lent to second and subsequent buyers. Further, they should keep in mind the total amount/percentage they will be allowed to borrow.
Furthermore, one should think of what documents might be asked of them ahead of time, and ensure they are all accounted for. These include proof of id, proof of one’s address, information on employers, bank statements, etc.
If one is wholly unfamiliar with the mortgage process, they might consider consulting a mortgage broker. Brokers typically serve as an intermediary between borrowers and lenders; however, the nature of their position is such that they should have intimate knowledge of how mortgages work, and part of their job is walking their clients through their application.
In short, a lot does admittedly go into getting a mortgage. There is plenty to keep in mind when applying, including one’s financial situation, lender preferences, minimum deposit amounts, etc. Having this knowledge and a general understanding of how the process works,
