PLANNING FOR A MORTGAGE
Permanent TSB has previously announced that it had plans to increase its mortgage lending, from € 90 million in 2012 to € 450 million this year. Bank of Ireland has stated that it has launched a € 2 billion fund for first time buyers and movers. Two other potential mortgage lenders are KBC and Investec.
Obviously, both mortgages and jobs are difficult to come by these days, but if you really want a house or apartment of your own in the future, no matter how long it takes to get it, now is the time to think ahead and to put yourself in the best possible position to get a mortgage.
Below the mortgage calculator is a sample of some of the
BOI, AIB, KBC, PTSB
questions that the banks will ask you when assessing your
house mortgage application.
You can also compare to Australia here.
The better you are able to answer the questions below that potential mortgage lenders will ask you, the more chance you have of getting a mortgage and owning your own property.
Have You Accumulated Savings?
Mortgage lenders will want to make sure that you have a good record of savings. Regular contributions, for as long a period as possible into a savings or deposit account, will be looked on favourably by banks and mortgage lenders when they assess your application. So plan ahead, open an account now and get a regular savings plan going so that when mortgages become more widely available, you will have a good record to show the bank. Even if you can't afford to save much every month, at least it will demonstrate to the bank a regular history of payments.
Are You A Loyal Customer?
There is some evidence that banks are more willing to lend to those people that have savings with them for a long period of time. So if you feel that mortgage rates will be equivalent from the major lenders in the future, open a savings or deposit account in the bank of your choice and become a regular saver, even if it is only a small amount every month.
Do You Have The Right Job?
The type of job you have is crucial. Mortgage lenders will only loan to those people in the most recession proof jobs, so a job in a semi state organization or the most secure private company will really help your house mortgage application. At the moment, any job is a good job, but if you want your own house in the years to come, you should consider the impact any future job will have on your chances of getting a mortgage.
Do You Have A Bad Credit Record?
Reduce your debt as much as possible and do all you can to avoid a bad credit history. It's vital that you keep in touch with any company or lending institution that you owe money to. Don't avoid their letters, negotiate a repayment schedule with them, even if it is for a small amount each month. Do all you can to avoid being listed on the wrong page of a credit agencies records.
Have You The Right Friends?
If you think that you will never be able to afford a mortgage on your own, or that your job is not secure enough, consider a joint application with a friend and donít forget the conditions above will apply to them too, so let them know what the banks will expect from them.
This article is only intended as a basic general summary and you should always seek professional advice where necessary.
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