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What is the hardest part of applying for a Mortgage?

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  • 29-10-2014 12:10pm
    #1
    WillRoyal
    Registered Users Posts: 8 ✭


    What part of the Mortgage process is the most difficult? Thinking of applying for a Mortgage but heard that it was a long drawn out process so want to be prepared, any tips?


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    #2
    Bluefoam
    Registered Users Posts: 7,739 ✭✭✭Bluefoam


    Hardest part is understanding what a tracker mortgage is... next most difficult thing is to to be able to pay it back...

    But in all honesty, the only way to borrow money is to prove that 1. you have money 2. you have the means (longterm) to earn loads more money... Make sure you have lots of proof of how you have earned your money and how you have paid you debts...


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    #3
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    WillRoyal wrote: »
    What part of the Mortgage process is the most difficult? Thinking of applying for a Mortgage but heard that it was a long drawn out process so want to be prepared, any tips?

    The hardest part of applying for a mortgage is getting all the documentation together and proving you qualify for a mortgage showing regular savings and good management of your current accounts and a good credit rating. Lenders will be looking for the following :
    • Evidence of Income - Salary Certificate completed by your employer, P60 for last year and 3 months recent payslips.
    • Bank/Credit Card Statements - 6 months most recent current account statements, savings statements, loan statements and Credit card statements.
    • ID - Copy of passport or Drivers Licence and a recent utility bill in your current name and address.
    It should not be a long drawn out process once all the supporting documents are in order and you qualify for a mortgage. Once the application form is completed and sent to underwriter you should have a decision within 10 working days.
    When people experience problems I think most are property related.

    You can apply and get approved for a mortgage without a property.

    Best of luck
    Trish


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    #4
    paulers06
    Registered Users Posts: 548 ✭✭✭paulers06


    In the final stages of buying a house now. The hardest part is the wait! Some advice based on our application:

    1. Don't wait until you find a house to get your mortgage approval
    2. Make an appointment with a mortgage advisor, so much easier than doing it online. They are really helpful with filling out the endless amounts of forms and they've come across every situation.
    3. Get all your forms together. These are mentioned above and are standard for all banks
    4. Don't hang around in terms of getting your valuation and insurances together once you're sale agree. These things can hold up draw down of mortgage

    We're with BOI and process has been really simple. From speaking to other people, process seems fairly stress free with all banks unless it's a tricky case. They're all bending over backwards to get buyers in the door. It's an exciting time, enjoy!


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