Preparing to apply for a mortgage
Preparing to applying for a mortgage
Whether buying or building the mortgage application process is almost the same and is fault with pit falls.
But there are some practical things you can do before approaching the lenders.
Know your money.
Know how much you can afford monthly to repay and stick to it. Don’t be tempted to borrow above your means. To find out how much you can afford to do up budget planner, write down all your income, you’re outgoings and expenditure and this should help. Then when you have settled on a figure, start saving it, or if currently renting save any extra. Do this for a few months. This will let you know what it is like having to spend that amount each month.
Make sure all your income can be proven and visible, get it lodged to an account is the best way to do this.
Make sure your bank account is in good space. No missed payments, referral charges, etc.
No missed payments on existing loans. Get your credit report from www.icb.ie
Far and away the best advice is to get advice from someone independent of the lenders. A financial broker/mortgage broker (like us) is the best place to give this advice. A lot of people talk themselves out of the mortgage by not getting advice before going directly to the lenders.
The above is for information purposes only and does not constitute financial advice in any way, I recommend that you speak with me before making any financial decisions. I recommend a holistic approach to financial planning and I can help you put your plans in place.