What the Banks Say
AIB: “ A lot of first –time borrowers are not aware of the importance of evidencing their savings prior to applying for a mortgage”
Bank of Ireland: “ A bank will typically want to see that you will have some money left each month after you pay your mortgage and any other loan payments.”
KBC: “ It helps to have everything ready before heading out mortgage hunting. At a bare minimum, you need six months of bank statements, proof of address, a certificate of income from your employer, and three months of pay slips.”
Permanent TSB: “ Don’t underestimate the hidden costs associated with purchasing a home, such as stamp duty, legal fees, property tax and so on. And try to replicate the outgoings of a mortgage on a monthly basis to experience the impact on your finances.”
Ulster Bank: “ Think about how much you can afford to pay each month and consider the rates that are on offer before you find your potential home. And have approval in principle before you start looking at homes.”
Source: The Sunday Business Post, Money Plus, October 30, 2016