Practicalities of mortgage application..

WhiteWalls

6 months of bank statements

Revolut statements

Salary certs

P60..

The list goes on.. That's a lot if attachments.. How many emails would one be sending to a broker/bank?

How long would one be realistically be organising all of these, actually seems to be quite a bit of work in it. Sadface

Is there a lazy person's guide to it all?

notAMember

Just do it.

if you are lucky enough to be in the position to be approved to borrow hundreds of thousands of euro for a home of your own , then jump through the paperwork hoops.

WhiteWalls

I realise I'm lucky but may not be a very good decision in the long run. That's another totally different debate though

Anyway, may not buy but in a good position at the moment so gonna look for approval..

GoneHome

Not a chance would I be foolish enough to apply for a mortgage now in the current environment, I'd be holding off for minimum of 18 months to two years

GoneHome

https://www.boards.ie/discussion/comment/119301936#Comment_119301936

Great advice there bud, borrow up to your oxters and f%%ck the consequences and a recession on the way within the next 12 to 18 months added to rise in inflation and cost of living but sure just keep borrowing 😣

There's really not much to a mortgage application. You're looking to borrow x hundred k, so the bare minimum would be to prove

• Identity
• Employment
• Income
• Savings
• Debt

Seems reasonable under the circumstances

newmember2

https://www.boards.ie/discussion/comment/119302020#Comment_119302020

You'll possibly pay 50k in rent in the next 2 years and some people cannot afford to wait, for all sorts of reasons.

notAMember

https://www.boards.ie/discussion/comment/119302023#Comment_119302023

why would they be borrowing up to their ‘oxters’? Could be a 30% mortgage for all I know

So your advice is to… apply for a mortgage, get approved, but then not bother filling out the paperwork because it’s too hard?

ooookkkk.

_H80_GHT

https://www.boards.ie/discussion/2058253428/practicalities-of-mortgage-application

Are you asking how many emails you need to send with a straight face?

If you are then it's 7. You will need to send 7 emails.

LunaLoo

If you think that gathering some documents is a lot of effort, owning a property might not be for you.

AndyBoBandy

https://www.boards.ie/discussion/comment/119302023#Comment_119302023

And what if the recession doesn't come? and 12-18 months down the line, the house the OP wants to buy is €40k more expensive, and the OP has dropped another €30k down the rental hole never to be seen from again...

dennyk

Most banks these days have online systems for you to upload all the required documents. It's really not that difficult in most cases; download your bank statements from online banking, get a letter from your employer confirming your salary and gather your last few pay stubs, get your employment detail statement from Revenue's site, and scan or take a good clear photo of your ID documents, and get copies of any other necessary documents (tenancy agreement showing your rent, existing loans, etc.). Shouldn't take you more than an hour or two of work to gather all of that. There will be some minor annoyances, like when the bank takes a month to look over all the stuff you submitted and then turns around and demands that month's bank statements to make sure you didn't blow all of your savings on Paddy Power in the past few weeks, but that's still easy enough to deal with. Applying for your mortgage will be far and away the easiest aspect of home ownership...

DonnieCorko

I have a question about affordability. I read that when taking your application into consideration, they will see if the total cost of the mortgage (including mortgage insurance and maintenance fees) and if it makes up more than 30% of your income, it won't be approved. My question is, is that 30% of your gross or net income?

Sorry for hijacking your thread!

Geuze

https://www.boards.ie/discussion/2058253428/practicalities-of-mortgage-application

That is only part of a mortgage application.

CC statements

Savings statements

Details of any loans or other assets

Then hoping you get AIP.

Then the main hassle - finding the house for you.

Then after you go Sale Agreed:

(1) pay booking deposit

(2) building survey

(3) get MPP

(4) sign contracts and pay balance of 10%

Then maybe submit more documents at drawdown...........

Markitron

Having just gone through the entire process, getting documents together was a pain, but a very manageable one. Almost all of them were obtained and sent online. It is by far the easiest part of the process as it is mostly in your control.

Its the rest of it you need to be worried about.............