{"id":1479,"date":"2017-03-12T16:42:28","date_gmt":"2017-03-12T16:42:28","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?page_id=1479"},"modified":"2020-10-21T09:00:11","modified_gmt":"2020-10-21T08:00:11","slug":"applying-for-a-mortgage","status":"publish","type":"page","link":"https:\/\/www.ccpc.ie\/consumers\/housing\/mortgages\/applying-for-a-mortgage\/","title":{"rendered":"Applying for a Mortgage"},"content":{"rendered":"<div data-post-id=\"453\" class=\"insert-page insert-page-453 \"><p>Before you start looking at properties, you should apply to mortgage lenders to get \u2018approval in principle\u2019. This means you know if you will get mortgage approval and how much you can borrow. It will be an advantage to have this when it comes to making an offer on a property.<\/p>\n<p>You can use our <a href=\"https:\/\/www.ccpc.ie\/consumers\/money-tools\/mortgage-comparisons\/\">mortgages Money Tool<\/a> to see the types of mortgages and the interest rates that are available from all of the main lenders in Ireland.<\/p>\n    <div class=\"htbgwm\">\n            <div class=\"modal fade money-clinic-modal\" id=\"Money_Clinic_Modal_2\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"myModalLabel\">\n                <div class=\"modal-dialog modal-dialog-centered\" role=\"document\">\n                    <div class=\"modal-content\">\n                        \n                        <button type=\"button\" class=\"close\" onclick=\"StopVideos('2');\" data-dismiss=\"modal\" aria-label=\"Close\"><span aria-hidden=\"true\"><img decoding=\"async\" src=\"https:\/\/www.ccpc.ie\/consumers\/wp-content\/themes\/ccpc-consumers\/img\/close-modal.png\" alt=\"\"><br>Close<\/span><\/button>\n                        <div class=\"modal-body\">\n                            <div class=\"aired_episode_date\"><span>1 May 2023<\/span><\/div>\n                            <h2 class=\"lightbox_title\">Mortgages<\/h2>\n                            \n                                                            <div class=\"aired_episode_video\" id=\"vimeo-player\">\n                                    <div id=\"popupVids\" class=\"video_responsive\">\n                                        <iframe id=\"vimeo-embed21\" title=\"Should I switch my tracker mortgage? | CCPC Money Clinic\" src=\"https:\/\/player.vimeo.com\/video\/818694612?h=8877571d2d&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\" allowfullscreen><\/iframe>\n                                    <\/div>\n                                    <h3 class=\"vimeo_title\">Should I switch my tracker mortgage?<\/h3>\n                                <\/div>\n                                                            <div class=\"aired_episode_video\" id=\"vimeo-player\">\n                                    <div id=\"popupVids\" class=\"video_responsive\">\n                                        <iframe id=\"vimeo-embed22\" title=\"Do I need a credit card before I apply for a mortgage? | CCPC Money Clinic\" src=\"https:\/\/player.vimeo.com\/video\/818694688?h=eba4969a60&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\" allowfullscreen><\/iframe>\n                                    <\/div>\n                                    <h3 class=\"vimeo_title\">Do I need a credit card before I apply for a mortgage?<\/h3>\n                                <\/div>\n                                                            <div class=\"aired_episode_video\" id=\"vimeo-player\">\n                                    <div id=\"popupVids\" class=\"video_responsive\">\n                                        <iframe id=\"vimeo-embed23\" title=\"What does a bank look at when you apply for a mortgage? | CCPC Money Clinic\" src=\"https:\/\/player.vimeo.com\/video\/818694526?h=66b58c12dd&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\" allowfullscreen><\/iframe>\n                                    <\/div>\n                                    <h3 class=\"vimeo_title\">What does a bank look at when you apply for a mortgage?<\/h3>\n                                <\/div>\n                                                            <div class=\"aired_episode_video\" id=\"vimeo-player\">\n                                    <div id=\"popupVids\" class=\"video_responsive\">\n                                        <iframe id=\"vimeo-embed24\" title=\"Should I go to a bank or a broker for my mortgage application? | CCPC Money Clinic\" src=\"https:\/\/player.vimeo.com\/video\/818694562?h=76a8f7fbb8&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\" allowfullscreen><\/iframe>\n                                    <\/div>\n                                    <h3 class=\"vimeo_title\">Should I go to a bank or a broker for my mortgage application?<\/h3>\n                                <\/div>\n                                                            <div class=\"aired_episode_video\" id=\"vimeo-player\">\n                                    <div id=\"popupVids\" class=\"video_responsive\">\n                                        <iframe id=\"vimeo-embed25\" title=\"What's the best type of mortgage protection insurance? | CCPC Money Clinic\" src=\"https:\/\/player.vimeo.com\/video\/818694471?h=12b1b35d48&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\" allowfullscreen><\/iframe>\n                                    <\/div>\n                                    <h3 class=\"vimeo_title\">What's the best type of mortgage protection insurance?<\/h3>\n                                <\/div>\n                            \n                            <div class=\"aired_episode_popup_text\"><p>If you\u2019re applying for a mortgage, you can find the information you need in our <a href=\"https:\/\/www.ccpc.ie\/consumers\/money\/mortgages\/\">money hub<\/a>. You can also compare your options using our <a href=\"https:\/\/www.ccpc.ie\/consumers\/money-tools\/mortgage-comparisons\/\">mortgages Money Tool<\/a> if you are wondering whether you\u2019d be better off with a different mortgage.<\/p>\n<p>This week, Eoin was asked if banks consider a consumer\u2019s credit score when applying for a mortgage. While Irish banks don\u2019t use credit scores, you should be aware of <a href=\"https:\/\/www.ccpc.ie\/consumers\/money\/loans\/your-credit-history\/\">your credit history<\/a> and how banks will look at it.<\/p>\n<\/div>\n                            <div class=\"aired_episode_popup_link\"><a class=\"btn\" href=\"https:\/\/www.ccpc.ie\/consumers\/money-tools\/mortgage-comparisons\/\" target=\"\">Compare mortgages<\/a><\/div>\n                        <\/div>\n                    <\/div>\n                <\/div>\n            <\/div>\n    <\/div>\n    <hr style=\"border-top: 1px solid #E5E7F0\">\n    <div class=\"single-videowrapper money-clinic-episodes\">\n        <div class=\"single_episode single_episode_aired single_episode_2\">\n            <a class=\"openpopup\" href=\"javascript:void(0);\" data-toggle=\"modal\" data-target=\"#Money_Clinic_Modal_2\">\n                <div class=\"single_episode_in\">\n                    <div class=\"image-container\">\n                        <div class=\"image-container-inn\">\n                            <img decoding=\"async\" class=\"single_episode_image\" src=\"\/wp-content\/uploads\/sites\/2\/2023\/08\/img-money-clinic-promo.jpg\" alt=\"Money clinic promo image\" \/>\n                        <\/div>\n                    <\/div>\n                    <div class=\"single_episode_description\">\n                        <div class=\"aired_episode_date\"><span>Mortgages<\/span><\/div>\n                        <div class=\"aired_episode_text\"><h3>Answering your mortgage questions<\/h3>\n                            <p>Mortgages are usually the biggest financial product we will take out. See what visitors to the Money Clinic wanted to know about when it comes to mortgages.<\/p><\/div>\n                        <div class=\"aired_episode_link\"><p>See all videos<\/p><\/div>\n                    <\/div>\n                <\/div>\n            <\/a>\n        <\/div>\n    <\/div><!-- \/videowrapper-->\n    <hr style=\"border-top: 1px solid #E5E7F0\">\n\n<script>\nfunction StopVideos(episode){\n    for(x=1; x<6; x++){\n        var $frame = $('iframe#vimeo-embed'+ episode + x);\n        var vidsrc = $frame.attr('src');\n        $frame.attr('src',''); \n        $frame.attr('src', vidsrc);\n    }\n    \n};\n<\/script>\n\n<div id=\"accordion-1\" class=\"accordion no-js\">\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t1\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c1\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tMaking the application\t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c1\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p>You can apply for a mortgage by:<\/p>\n<ul>\n<li>applying directly to a lender and looking after the application process yourself.<\/li>\n<li>using a <a href=\"https:\/\/www.ccpc.ie\/consumers\/money\/getting-financial-advice\/do-you-need-financial-advice\/\">mortgage broker<\/a> who will deal with lenders on your behalf and advise you during the process. You should ask a broker for their &#8216;Terms of Business\u2019, which shows what they charge and how many lenders they represent.<\/li>\n<\/ul>\n<p>You will need certain documents when you apply for a mortgage, these may include:<\/p>\n<ul>\n<li>proof of ID, proof of address and proof of your Personal Public Service Number (PPSN)<\/li>\n<li>proof of income: latest <a href=\"https:\/\/www.revenue.ie\/en\/jobs-and-pensions\/end-of-year-process\/employment-detail-summary.aspx\">employee detail summary from Revenue<\/a>, payslips, certified accounts if self-employed<\/li>\n<li>evidence of how you manage your money such as current account and credit card statements<\/li>\n<\/ul>\n<p>You should apply to multiple lenders and compare their rates and offers carefully. Don\u2019t be tempted by introductory offers, like cashback or free legal expenses. These can be rewarding in the short-term, but that mortgage could end up costing you more if it has a higher interest rate.<\/p>\n<p>\t\t<\/div>\n\n\t\t\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t2\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c2\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tWhat do lenders base their decision on\t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c2\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p>Each lender has their own criteria for assessing mortgage applications. Some things they might look at include:<\/p>\n<ul>\n<li>income \u2013 lenders look at your annual income and some may take bonuses and overtime into account. Some may also factor in rental income if you plan to rent out a room<\/li>\n<li>age \u2013 what age you are now, what age you will be when you retire and\/or when the mortgage ends<\/li>\n<li>outstanding loans \u2013 if you have other loans or a high credit card balance this may reduce the amount you can borrow or may affect your ability to get a mortgage<\/li>\n<li>employment status \u2013 are you in permanent employment, a short term contract or on probation<\/li>\n<li>outgoings \u2013 your other financial commitments, such as childcare, are taken into consideration<\/li>\n<li>money management \u2013 lenders look at your bank statements and assess things like your ability to meet direct debits and standing orders, if you are using an overdraft facility on a regular basis, if there is evidence of excessive use of online gambling etc.<\/li>\n<li>savings \u2013 have you saved enough for your deposit<\/li>\n<li><a href=\"https:\/\/www.ccpc.ie\/consumers\/money\/loans\/your-credit-history\/\">credit history<\/a> &#8211; this shows your track record of paying other loans in the past<\/li>\n<li>amount you wish to borrow \u2013 the amount you want to borrow and the deposit you have saved<\/li>\n<\/ul>\n<p>\t\t<\/div>\n\n\t\t\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t3\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c3\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tWhat to do when you're approved\t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c3\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p>Lenders give \u2018approval in principal\u2019 which is a statement of how much they are prepared to lend you. A \u2018letter of offer\u2019 is what you will receive when your mortgage has been fully approved, and you only get this after your offer on a property has been accepted.<\/p>\n<p>Mortgage approval is only valid for a certain period, typically from six to 12 months, depending on your lender. You must draw the mortgage down before the expiry date. If you don\u2019t, you usually need to apply again. The interest rate on the mortgage is set on the day the money is drawn down, so it could be different to the rate shown on your mortgage approval.<\/p>\n<p>Shop around for your <a href=\"https:\/\/www.ccpc.ie\/consumers\/money\/mortgages\/mortgage-protection-insurance\/\">mortgage protection<\/a> and <a href=\"https:\/\/www.ccpc.ie\/consumers\/housing\/home-insurance\/\">home insurance<\/a> when you are applying for a mortgage. Remember that you don\u2019t have to buy these from your mortgage provider even though they may offer them.<\/p>\n<p>\t\t<\/div>\n\n\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":113,"featured_media":0,"parent":225,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[18,8,17],"class_list":["post-1479","page","type-page","status-publish","hentry","tag-housing","tag-money","tag-mortgages"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Applying for a mortgage - CCPC<\/title>\r\n<meta name=\"description\" content=\"How to apply for a mortgage\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.ccpc.ie\/consumers\/housing\/mortgages\/applying-for-a-mortgage\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_GB\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Applying for a mortgage - 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