Mortgage Types and Guidelines
Whether you’re looking to buy your first house, move to another or invest in property, arranging finance can prove to be nerve-racking if you do not have the right guidance along the way. At CML Financial, we will help streamline this process and turn what initially seemed like a daunting ordeal, into a stress and worry free experience.
From the initial application process to the final signing of the contract, we are here to help you every step of the way.
You won’t have to worry about:
- finding the right deal: as we will conduct thorough market research and find the best possible rate
- knowing what documentation is needed: as one of our dedicated advisors will have you covered in your one-on-one consultations
- choosing the right investment: as we will advise you on the optimal options available to you based on your budget and credit rating
- choosing lenders: as we can create applications on your behalf
We can help you successfully secure the mortgage that’s right for you based on the type of loan you’re looking to take out and your borrowing status:
- First Time Buyer: Suitable for those looking to purchase their first home
- Self-Build Mortgage: Suitable for those looking to build their home rather than purchase an already existing property. With a self-build mortgage, the money is drawn down in stages. Money is released at each stage of the build rather than all in one go, which is the case with a standard mortgage
- Green Mortgage: Suitable for those looking to buy or build a property with a high level of energy efficiency. This is an attractive opportunity for those looking to save money on their loan repayments as they save money on their energy bills. The fixed interest rates associated with green mortgages are usually at a discount to any other rates offered by lenders. The property must have a BER rating between B3 and A1 in order to be considered
- Switcher: Suitable for those looking to switch lenders in order to get a better deal on an existing mortgage
- Buy-to-Let: Suitable for those looking to purchase a rental property or become a landlord
No matter which of the above categories you fall into, we can provide sound financial advice and support to make the mortgage application process as seamless as possible. To get you started, here are some of our top guidelines for preparing in advance of making your application:
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.[1]
Alternatively, use our free instant mortgage calculator to find out the potential maximum size of your loan as well as your monthly mortgage repayments.
[1] Highlighted info is currently on website in the form of a table
