How do I get approved for a mortgage?

A lot of our clients come to us with one question on their mind, “how do I get approved for a mortgage?”

Good news! The answer is simple, and we remove the stress for our clients by working in a methodical step-by-step way to secure a mortgage for the home of their dreams.

Always prioritise your deposit

We will always highlight the importance of a deposit in getting mortgage approval. 

By saving for a deposit, you’re putting yourself in a strong and attractive position. Lenders will feel reassured to lend to you. We share top tips on how to save for a deposit in our blog post.

There is also the government’s Help To Buy scheme to avail of to add to your deposit

Factors lenders consider for mortgage approval

We work with nine lenders in Ireland. While lenders may have some differences in how they do business, they all consider the same factors when deciding on mortgage applications.

In general, these considerations are:

  • Your income – lenders will want to see regular income. Bonus and overtime income may be taken into account too, but the real focus will be on your monthly consistent income. 
  • Your age – lenders will calculate how many years you have to work until you retire.
  • Monthly outgoings – lenders will evaluate your financial commitments to calculate whether you can afford mortgage costs.
  • Outstanding loans – clear as much of your debt as possible before applying for a mortgage.
  • Savings/deposit – showing you have the ability to save strengthens your application and reassures lenders that you are a good credit risk.
  • Credit record – keeping repayments up to date on any debt you owe strengthens your credit profile and lenders look at this.
  • Borrow amount – the amount you are requesting to borrow is evaluated by lenders.
  • Single or joint application – lenders also look into the finances of each person on the mortgage application.

The key is in the preparation

Mortgage applications are made up of a lot of paperwork.

You can put yourself in a strong position by compiling all of the documents you need. We’ll work with you to use these documents to strengthen your mortgage application.

You’ll need:

  • Six months worth of salary slips
  • Six months worth of bank statements
  • A certified copy of your passport
  • Utility bills
  • Evidence of regular savings (this could be included in your bank statements)

Our mortgage application checklist will help you work through all of the requirements you need for your application.

Contact us if you’d like to discuss your mortgage options. We work with hundreds of clients every week and would be delighted to chat with you.