Buying a house – whether it’s your first home, you’re moving up, or you’re a property investor – is an exciting time. But it can also be stressful and arranging finance is one of those areas that can trip you up.
1 - Save for a deposit
First time buyers require a deposit of 10% of the purchase price for most lenders.
2 - Prepare well in advance (6 months minimum)
Keep your current accounts well maintained, avoid credit card debt and other short-term loans.
3 - Income
Secure employment with a permanent contract is a must with most lenders. Employees should be employed for at least 12 months.
4 - Affordability and repayment capacity
Can you show the lender that you are already meeting the repayment capacity with rent payments or continuous monthly savings.
5 - Good financial management
Build up a pattern of savings, be able to display that you never use an overdraft, clear short term loans etc.
6 - Irish Credit Bureau
Lenders will check your ICB rating, so you should apply for your own report before making an application. It is best to address any issues with your ICB report at the start of the application process.
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