Most lenders will ask for:
Deposit: At least 10% (higher for investors)
Proof of identity and address: Passport/driver’s licence plus a recent bill or bank statement
PPSN: your Personal Public Service Number
Proof of income:
PAYE: 3 months’ payslips and a salary certificate
Self-employed: 2 years of accounts and tax returns
Bank statements: Usually 6 months, including savings for the deposit
Credit check: Through the Central Credit Register
Property valuation: From a lender-approved valuer
Additional documents may be required for self-builds, investors, or non-residents.
You need at least 10% deposit of the property price.
Approval In Principle is a letter from a lender stating how much you can borrow and that you are eligible for mortgage approval. It’s based on a review of your income, savings, financial history and credit rating. It means you can start house-hunting, but will need to complete a full evaluation before you’re fully mortgage approved.
You may not get a mortgage if you have a poor credit history, don’t meet the deposit requirements, can’t show stable income, or have too many financial commitments. You may also be refused if your documentation is incomplete and if there’s issues with the property.
If you’re a first-time buyer, you can usually borrow up to 4 times your gross annual income. If you’re a second time buyer, you can borrow 3.5 times your gross annual income.
Mortgage interest is the additional money you pay to the bank for your loan. It’s included in your monthly repayments. There are two types of mortgage interest rates:
Fixed Rate: Your payments stay the same for a set period of time.
Variable Rate: Means your monthly payments can go up or down.
With a fixed-rate mortgage, your monthly repayments stay the same for a set period of time. With a variable-rate mortgage, your mortgage repayments may go up or down.
Yes and no. Since you will have a fixed term and fixed interest rate, the principal and interest amounts will not fluctuate. However, you also need to pay insurance and taxes, which can vary and cause your overall mortgage payment to fluctuate.
The ideal rate for you can vary from lender to lender. Request a callback with our mortgage planners to determine which lender is best for you. It could well be that your current mortgage provider has the best rates on the market.
The best rate for you will depend on various factors such as how much you plan to borrow, loan-to-value, and more. When you work with us, our mortgage planners will advise you in choosing the best lender with the best rate according to your circumstances.
A First Time Buyer is someone who has never had a mortgage or owned a property in Ireland. This can also extend to divorced or separated applicants from a ‘fresh start’ perspective in certain circumstances. Applicants may also be classified as First Time Buyers for top-up’s or re-mortgage on their first primary home.
First Time Buyers in Ireland are allowed to borrow up to 4 times your gross annual income. The maximum borrowing limit is also dependent on not just your income but your age, financial commitments, credit history and demonstrated repayment capacity.
An AIP is an Approval In Principle. This is a letter from a lender noting the maximum borrowing amount you are eligible for based on an underwriter’s review of your income, savings, credit history, affordability and repayment capacity. With a fully underwritten approval in principle, you can begin your house hunting with confidence.
As a First Time Buyer, you can avail of the following schemes:
As a Second Time Buyer you can borrow up to 3.5 times your gross annual income. The minimum deposit required is 10% with demonstrated repayment capacity over the past 6 months with clear affordability and good credit history.
In certain circumstances, this would be allowed by some lenders and is referred to as Porting your Mortgage. You will need to meet the lenders current lending criteria. We will be able to guide you through this process.
Yes, but you may face an early repayment charge. Your current lender can advise you of any breakage cost or penalty on your fixed rate mortgage.
Selling first gives you a clear budget, but you may need temporary accommodation while waiting on the new purchase to go through. Buying first gives peace of mind if you find the right home, but it can stretch your finances.
Switching mortgages can be more straight forward than a purchase as there is reduced document requirements and we compare lenders to find you a better rate, more flexible terms, and handle all paperwork and communication for you.
Most mortgage switches can take between 6–8 weeks, but it can vary based on your current lender and speed of your solicitor and how quickly your documents are submitted.
At The Mortgage Architect, we do not charge any fees to help you switch your mortgage. There would be legal fees associated with the mortgage switch and a valuation fee for your current property but no other costs other than this.
Yes, you can switch mortgage during a fixed-rate period, however your current lender may charge an early repayment fee or breakage fee for ending the fixed term contract early.
By switching to a lower rate, you can lower your monthly payments and save thousands in interest over the full term of your mortgage.
Yes, you can release the equity that is in your property for a number of purposes such as home improvements. We can guide you through this process.
You need at least 10% of the total build cost. If you currently own or are being gifted the site, the lenders will be able to factor in the cost of the site as part of this deposit requirement.
As a first-time buyer, you can borrow up to 4 times your gross annual income and as a Second Time Buyer can borrow up to 3.5 times income for a self-build Project. For a self-build, lenders can typically allow up to 90% Loan-to-Value (LTV) of the total cost of the build.
With a self-build mortgage, the funds are released in stages as you complete each stage of the build. For example buying the site, laying the foundations etc.
You typically have 12–18 months from the first drawdown to complete the build and draw down the full loan. However, some lenders may offer extensions if necessary.
With a self-build mortgage, you start repayments as soon as you draw down the first stage of funds, and they increase gradually as you complete your build.
Yes, with a purchase and renovate mortgage, you can borrow towards both the purchase of the property and to cover the renovation costs you need to make the property habitable.
Yes, can remortgage or ‘top up’ your existing mortgage to complete works to your current property. This is referred to as an equity release which means you’re borrowing against the value in your home. The additional funds advanced would be added to your mortgage balance and repaid over the remaining or increased term, often at lower rates than personal loans. Lenders will usually require costing estimates or quotes and details of the planned work before approval.
If the renovation works are structural, such as an extension, the lender will usually require planning permission before advancing any approval or release any funds.
Yes, your mortgage lender will release the funds in stages to coincide with the completion of key milestones in your renovation
If you’re in the public sector worker or civil servant, your basic salary will be taken between one and three points up on the pay scale depending on the lender. This will allow you to maximise what you can borrow from the lender.
Yes, If your employer confirms that your overtime is regular or guaranteed on your salary certificate, depending on the lender, up to 100% of this can be factored in the mortgage application.
Once they’re guaranteed and confirmed by your employer that they are part of your contract on the salary certificate with proof of this on your latest Employment Detail Summary and included in your income for this tax year, 100% of this can be included in the lenders assessment.
Absolutely, If you’re in the Civil Service and on a one-year probation after a promotion, the lenders can consider your application.
That’s no problem. We can look at your application on a case-by-case basis. We may ask you for your previous work history so we can understand your experience and how it fits in your new role.
Mortgage protection is an insurance policy that covers your mortgage balance in the event of your death. So, if you pass away during the term of your mortgage, the remaining balance is paid off.
Mortgage protection can range depending on the insurer between €13 per month to €35 per month for a joint or dual policy with basic cover and will depend on your age, health, smoker status, and the size and term of your mortgage.
Without mortgage protection, your lender will not let you draw down your mortgage, even if you’ve been fully approved.
Mortgage protection will pay off the remaining balance of your mortgage if you pass away during the term of the loan. It ensures your mortgage is cleared, so your family or co-borrower is not left with the debt. The policy usually runs for the same length as your mortgage, and the payout goes directly to the lender.
The cost of mortgage protection can differ between the different insurance companies and takes into account several factors, such as your age and medical history.
Serious Illness: Your basic mortgage protection only covers your mortgage payment in the case of your death. With serious illness cover, you can get your policy to cover the mortgage payment in case you contract any serious illness.
Level Term: Under this policy, the premium and the insured amount remain the same throughout the term of the policy. In case of your death, the policy will pay off any remaining mortgage amount, and the remaining balance after that can go to your estate.
If you are over 50 years old, you might not need to apply for mortgage protection, and your lender might agree to provide the home loan on this basis. The lender may also provide the mortgage if you can’t obtain the insurance for any other reason by approving a life cover waiver with certain requirements. Additionally, if you are applying for a mortgage for an investment property or any other property other than your home or principal private residence, you don’t need mortgage protection.
Use our mortgage repayment calculator to estimate your monthly repayments.
