Finding a new home is exciting, but understanding the mortgage process can be difficult for some. There are many different types of mortgages to select from, and applying for one requires a lot of paperwork. Even calculating the monthly cost of your prospective mortgage might be complex.
Knowing what actions to take will make the process run more smoothly. As a result, we’ve put together a list of requirements as well as the application process.
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Bank of Ireland Mortgage Loan Requirements
• Your income should be secure.
• Good regular savings record.
• Adequate cash deposit.
• Good credit history, well-managed finances and typically no loans or credit card debt.
Bank of Ireland Mortgage Application Process
The Bank of Ireland mortgage application process can be broken into a number of well-defined steps as seen below.
Step 1: Find out how much you can borrow
Click here to access the Bank of Ireland mortgage calculator, choose from the mortgage option, fill in the required information and receive your estimate.
Step 2: Speak with a mortgage expert.
Make an appointment with a mortgage consultant in one Bank of Ireland branch, or they can contact you whenever it is most convenient for you.
Step 3: Put money aside for a down payment on a house.
If you’re a first-time buyer, you can get a mortgage for up to 90% of the property’s worth. Other costs, like stamp duty, legal fees, property insurance, and life insurance, should be factored into your budget as well.
Step 4: Start your application.
When you’ve saved up enough money for a down payment, it’s time to apply for a mortgage. At this point, you don’t necessarily need to have a specific property in mind.
You’ll be offered an estimate of how much you can take once you start your application, this estimate will be based on the information you provided. You’ll also be provided with a list of the documents you’ll need to provide, such as income information and bank statements, so that your application can be completely evaluated.
Step 5: Submit the requested documents.
If you’re employed, you’ll need to gather documents such as payslips, and if you’re self-employed, you’ll need to obtain your most recent two years’ audited accounts. If your accounts aren’t with Bank of Ireland, you’ll also need to give the last six months’ worth of current account statements and a year’s worth of savings account statements to show that you’ve been saving consistently. Once you’ve submitted all the required documents, you’ll be given an acknowledgement.
Step 6: Obtain Provisional Approval
If your application is approved, you’ll be sent a formal “Approval in Principle” letter, this simply means your loan has been approved and you can start looking for a home with confidence. However, this approval is typically valid for six months so you have to begin your home search on time.
Step 7: Find a place to live and fill out your application.
Get in touch with the bank once you’ve discovered a suitable house and your offer has been accepted so your mortgage application can be concluded. You’ll then be sent a formal Mortgage Loan Offer to purchase your new home, together with any final requirements that must be met before your mortgage loan may be drawn down.
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Step 8: Complete the transaction and receive your keys.
Your solicitor will draw down your mortgage money and arrange for the transfer of the property title on your behalf once everything is in order.
Originally posted on May 3, 2022 @ 2:36 pm