Confused by the criteria for mortgage approval? Our simple guide will tell you what you need to get approved for a mortgage. 

keys-to-new-home.jpeg

What Are the Criteria for Mortgage Approval?

The first step on any mortgage journey is getting approved by your lender. But what are the criteria for getting approved? The mortgage application process may seem confusing and jargon-filled, which is why we’ve broken down exactly what is required from you to get approved for a mortgage. Read on to find out.

 

Your Bank Statements

 

In order to qualify for a mortgage, you’ll need to provide us with six months of bank and credit card statements. This allows us to see your everyday financial habits and determine whether you’ll be able to pay back the mortgage. We’ll need to see six months of statements for any savings or investments held with us and six months of statements for any borrowings held with another lender. We’ll look at things like at rent and utilities payments and whether you’re saving on a regular basis to satisfy us that you won’t have a problem with repayments.

 

Your Credit History

 

We may also look at your credit rating to determine your ability to pay back the mortgage. Your credit rating will take into account any loans you currently hold or have taken out within the last five years and monthly repayments made or missed on them. It will also note your failure to clear of any loans. However, the bank will consider your reasons for missing repayments, so a black mark on your credit rating doesn’t necessarily mean you won’t be able to get a mortgage. You can apply for a copy of your credit report from the website of the Irish Credit Bureau. There is a €6 fee per application. 

 

couple-filling-out-mortgage-application-form.jpeg

Proof of Your Income

 

If you are a PAYE worker, we’ll need to see three months’ pay-slips if paid monthly, six original payslips if paid fortnightly, or eight original payslips if paid weekly. The payslips must be your most recent and consecutive. We’ll also need you to complete a salary certificate signed by your employer.

 

If you own your own business, we’ll require three years of audited/trading accounts, certified by your accountant and a confirmation of your tax position from your accountant. We’ll also need a minimum of 6-months recent bank statements for your business and for any personal accounts or personal account borrowings not held with AIB

 

Proof of Identity

 

This one is straightforward enough. Before approving your mortgage, we’ll need to see official proof of identity. This needs to be a current valid passport or current drivers licence and a current utility bill or current bank/financial institution statement.

 

Your Deposit

 

The most important part. If you are a First Time Buyer, will need a deposit of at least 10% of the total value of the property. However, the Loan to Value is a maximum of 80% for a one-bedroom property. You may also be able to avail of the Government Help to Buy incentive if you are a First Time Buyer and are purchasing a newly built home. You can find out more about the scheme on www.revenue.ie.

 

Once we’ve received all the above and your deposit is in place, we’ll be able to give you Approval in Principle. You will now know exactly how much you have to spend on your new home and move on to the next step on your mortgage journey – finding the perfect house.

 

Want to Find Out More About Mortgages?

 

Take the first step on your journey by talking to one of our expert AIB Mortgage Advisors.

 

Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to the origination and servicing of mortgage loans and mortgages. Allied Irish Banks, p.l.c. and AIB Mortgage Bank are regulated by the Central Bank of Ireland. Copyright Allied Irish Banks, p.l.c. 1995.

 

You are signed in as:null
Please Edit
2 comments
Hello,

Do you have a low credit score and you are finding it hard to obtain loan from local banks/other financial institutes?

Do you need funding for your real estate deals, fix and flip, rehab, to start up a business, & contract.
Contact us at Ford Credit Centre LLC a private lending firm registered in Atlanta.

We offer:

Loans for trucks, trailers, tractors, boats, car purchase and personal reason.

Business startup and other types of loans are available.

We are dedicated in providing alternative funding options to those that don't fit into the conventional lending system.

We give you quality service and our interest rate is calculated at 3% per annul.

If you are interested send us a mail for the prerequisite to begin the funding process.

Becky Ford
WhatsApp:+1 404 400 4210
info@fordcreditcentre.com
fordbecky6@gmail.com
www.fordcreditcentre.com

Powerful Effective Love Spell Get Your Ex Back About a month ago I got back to my ex(after 2 and half years separated).Everything was ok and she was the most adorable woman in the world. she spoke about wedding ceremony, how many kids we would have, said that our relationship was the most important thing in her life and she was 100% sure about it…Then he traveled to work in other country for 3 weeks. she changed his behavior completely. she disappeared every night, was saying she had to do some work and would talk to me later, but disappeared the rest of the day and night… no explanation, when I asked why she was disappearing every night, she stopped answering me. she’s ignoring me since last week, April 15. she ignored even my birthday, that was April 16. Not even a message. I wrote to her a few times trying to understand what happened, she read but just ignored me.I feel so bad cause I couldn’t stop contacting and trying to understand what happened.i loved her so much and wanted to get her back, then i was told to contact happylovespell2@gmail.com who can help out with a love spell to reunite your relationship back, so instantly do contact him and give him a try and trust me he did an urgent effective love spell for me and with in 48hours promise he made to me, my woman was back, today i testify to you all that you should seek and contact Dr happy for his spell result is genuine sure and guarantee unite and get your ex back save your marriage/relationship problem now,
You can also know more about his spell Blogs site.http://happylovespel.blogspot.com.ng/
Email him now on.. happlovespell2@gmail.com
If you want to talk for more info or consultation. Whatsapp/cal +2348133873774
Assurance and spell guarantee, visit his website...happylovespell2.webnode.com/
<< BACK TO BLOGS