How Much Can I Borrow?
In times gone by, the amount you could borrow was determined by simply multiplying out your income. However, with the difficulties of recent times, this is no longer the case. How much you can borrow is now decided by a greater number of factors. These include the following:
Are you single or married? Do you have children?
Are there one or two incomes?
How is your income made up?
Your basic salary is now key and less weight is given to overtime, bonuses, commission etc.
Your bank account activity over the last six months will also come under the microscope as lenders take a close look at your ability to make the proposed mortgage repayments. They will pay particular attention to regular monthly savings and/or paying rent. Applications can be declined, even if you have a good income, if they cannot see a regular pattern of these kinds of payments.
At Acorn Financial Services we have many years experience dealing with each of the various lenders' criteria.
So if you're a first time buyer, looking to remortgage or move house, or just releasing equity we can help you secure the best deal, just contact a member of our team today.
Top Tips To Help Secure That Loan
Ensure that existing loans and credit card payments are up to date as every lender will check your credit rating with the Irish Credit Bureau
Keep your current account in good order as lenders will look for six months bank statements.
Lenders will want to see evidence of your ability to repay the mortgage so evidence of regular savings and/or rent payments is essential.
No online betting transactions on your current account.
Mortgage Protection Insurance
This is a life insurance policy designed to pay off your mortgage if you die during the term of the loan. Your mortgage protection policy will run for the same length of time as your mortgage.
Do I Need Mortgage Protection Insurance?
The mortgage lender is obliged, under the Consumer Credit Act 1995, to ensure that an insurance policy is in place to cover the balance of the mortgage due in the event of your death, or that of your partner in the case of a joint mortgage.
You do not have to take mortgage protection with your mortgage lender. You are free to seek independent advice and we can help get you the best deal with the best provider.
Just fill your contact details below and we will call you.
Warning: If you do not keep up your repayments you may lose your home.