Can't find the answer here? Check out our general FAQ.
- Approval is needed before you can make an offer on a house
- Tell me again what documents I need for approval
- Why get approval now!
- Should I wait because prices may be falling?
We can arrange approval in principle within a few days for you. To do so the basics are as follows
- Secure permanent employment
- Evidence that you can afford the repayments ( through savings and rent)
- Good credit history
- Use 3.5 times your gross income as a guide to borrowing capacity
The link below outlines our terms of business and various documents required to gain approval.
The sooner you assemble the documents on the checklist and get your employers to complete the salary certs,the sooner we can meet you and get you approved!
As people sit around and wait for prices to fall others are preparing themselves to buy when appropriate opportunities arise.
We strongly recommend having loan approval in place so that you are ready to move when opportunities arise
Even an approval in principle will give you a very good idea of your borrowing limits and allows you to look at properties with confidence.
There are two key angles to look at.
The most important issue is your sense of affordability.It is not what the bank will lend you,but rather whether you can afford the mortgage
If the price of the property you are looking at is not at least 50% below peak tyhe chances are that the property you are looking at is overpriced.
Another way of approaching house prices is by checking affordability.
Divide the amount you can comfortably afford to spend on your mortgage by 6 to get your borrowing limit.
Lets say you are comfortable with €1,100 per month. Divide €1,100 by 6 equals €186,000.Any more than this and you may be running into trouble!