SYS Mortgages Manager Helen Slattery recently wrote an article for local press where she detailed how you can be mortgage ready. Read Helen’s expert opinion below or contact her at Helen@sysmortgages.ie.
Mortgage Tips
“As of Monday 27th February, Daft.ie shows just 21 houses on the property market in Nenagh, while there is just one to rent.”
The above fact will be of no surprise to mortgage applicants and mortgage holders waiting to find the right home. But what can you do to make sure that when the right property does come up, you are ready to put your bid in immediately?
There is a number of criteria one must meet when applying for a mortgage. There are also a number of hard nos. We recommend our clients consider the following to be sure you are mortgage ready.
Mortgage Application
As a mortgage applicant, you must demonstrate 6-months of repayment capacity, this can be demonstrated through renting or savings. We are regularly asked about large one-off payments such as weddings or education. This is entirely acceptable and won’t see you penalised. Prove to the lender that you are in consistent and long-term employment. It can often cause a delay the application process if the applicant involved has changed employment. It is vital that you are comfortable with the proposed repayment amount before you commit to a mortgage. You are not only paying your mortgage but mortgage life cover, house insurance, and local property tax. There are other steps that you can take to ensure your application runs smoothly. I suggest visiting our Mortgages section of the website for the full list.
Avoid Mortgage Stress
The list is smaller in terms of what not to do. Some of these might sound straightforward, but they are essential. Do not gamble regularly. This will raise significant red flags for the lender if they see gambling statements and could lead to a refusal of the application. Do not exceed your overdraft limit or incur late payment fees from your bank. Lastly, we strongly advise against letting the outstanding balance on your credit card creep upwards on an ongoing basis.
Mortgage Drawdown
At SYS Mortgages, we help you on your journey from the enquiry stage to drawdown. We had a successful year in 2022, which saw us drawdown €11,000,000. As a broker, we are with you every step of the way. Working closely with a mortgage broker ensures that you save time, have access to the best rates and cash-back offers as well as finding the right match for you.
Put your trust in our hands and make an appointment today.
