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When you are making an application for a mortgage there are many issues to consider. The market is awash with many different lenders offering a wide range of mortgage products and choices, which can be confusing and difficult to understand.
At the SCK Group we appreciate what is involved when considering a new mortgage and to assist you with your application process we have created The Mortgage Journey, a step-by-step guide to your mortgage application.
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The following checklist will help you assemble the information required for your mortgage application.
![SCK Group - Mortgage Application Checklist [PDF File]...](/html/assets/pdf_icon.gif) This checklist is also available as PDF File
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| 1. | Proof of Identity - Your valid passport or drivers licence | |
| 2. | Proof of Residence - Utility bill, bank statement or revenue commissioners certificate in your name within last 6 months | |
| 3. | Proof of Income - Completed by your employer, normally a certificate of income | |
| 4. | P60 - Your most recent copy | |
| 5. | Salary Slips - Copy of your last 3 months payslips | |
| If Self Employed - You must also provide the following | |
| 6. | Copy of Accounts - Copy of the past 2 years audited accounts and confirmation from your accountant that tax affairs for both yourself and the business are up to date and in order. | |
| 7. | Bank Statements - Copies of last 3 months statements | |
| 8. | Existing mortgage - Copies of mortgage statement from existing mortgage holder if applicable. | |
| 9. | Savings Deposits - Details of any savings you may have | |
| 10. | Repayments Record - Statements showing satisfactory repayment record on existing borrowings other than mortgage borrowings. | |
| Notes: |
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A mortgage is a long-term loan, which is used exclusively for the purchase of a property. The lending institution will use the property as security against the loan.
It will be your biggest single long-term financial commitment. You will be making repayments on this loan for 20 to 35 years. It is therefore vitally important that you spend some time understanding all the issues, which need to be considered when acquiring one.
Some of the many issues to be considered include
- How much can I borrow?
- How much can I afford?
- What are the various packages on offer and which one will best suit my needs?
- What are the interest rate packages on offer and which one will be most appropriate now and into the future?
- What term should I take to repay my mortgage?
- What flexibility will I have in times of difficulty?
- What impact will early repayments have and are there penalties associated with this?
The Financial Regulator has produced a 'mortgages made easy' guide highlighting the many issues, which need to be considered. Go to www.itsyourmoney.ie
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The amount I can borrow is linked directly to the monthly repayments I can afford to meet. However lending institutions can use different methods to calculate the amount they will give me.
They will take into consideration many issues including:
- The value of the property
- What my income levels are, and do I have additional income such as overtime, shift allowance, bonus, commission, and will I have room rental under rent-a-room scheme?
- Do I have other savings or extra deposits to put towards the purchase?
- Am I buying the property in sole or joint names?
- Do I have any other borrowings?
- Do I have a clean repayment record?
- Will I have parental support or a guarantor?
- To obtain an updated credit status report from the Irish Credit Bureau, click www.icb.ie
SCK Group would recommend:
- Spend considerable time looking at your current financial situation and what it is likely to be in 3-5 years from now.
- Use our mortgage calculator to assist with your mortgage (re-)payment schedule calculations.
- Having completed the ICB form in advance of your application can save you considerable time and have answers to questions, which may arise.
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Before you can consider making an application for a mortgage you will need to have access to some of your own funds. The amount you need, will depend on
- The purchase price of the property.
- Are you a first time buyer or an investor?
- The terms and conditions on lending as outlined by the particular lending institution.
You must also take into consideration that additional costs have to be included. These include legal fees, stamp duty, fitting out costs, valuation fees, etc.
There is increased competition amongst the financial institutions and the amount they will lend can vary from one institution to the next. SCK Group will endeavour to negotiate the best package for your particular needs.
SCK Group would recommend:
- Let us research the market on your behalf and source the product, which best meets your financial requirements.
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