Guide to Getting a Mortgage in Ireland (Video Series)

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Dave_Curry_IMC

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I recorded a number of videos with Bonkers.ie, which they are releasing as a series entitled “Your Guide to Getting a Mortgage in Ireland”. Hopefully the series will be useful to this community, as it aims to answer the most commonly asked questions about how to get a mortgage.

The first of seven videos was released on Monday, and they will be releasing the remaining episodes every Monday over the coming weeks.

The first episode is entitled "Are You Eligible For a Mortgage"? Topics covered include:
  • Minimum income requirements for mortgage applications
  • Types of income that lenders will take into account*
  • Treatment of additional income such as bonuses and commissions
  • Financial commitments taken into account by the banks
  • PAYE employment (length of employment, contract vs. permanent, probation, etc.)
  • Assessment of self-employed income
  • Repayment capacity, i.e. proving to the banks that you can afford the proposed mortgage
  • Deposit required for first time buyers and non-FTBs
Link below. Please reply with any comments or queries.

https://www.youtube.com/watch?v=n1AXM6yCmEc

Best Regards,
Dave Curry, Irish Mortgage Corporation

*A correction on this point is that at least one of the lenders will currently take children's allowance into account for income, and some will factor maintenance in as well.
 
Episode 2 of “Your Guide to Getting a Mortgage in Ireland”. In this video, I discuss in detail how to prepare for a successful mortgage application. Please reply with any comments or queries.

https://www.youtube.com/watch?v=fvD4JqRLSvg

Topics covered include:
  • A detailed discussion about repayment capacity
  • How far back into your financial statements and history the banks look
  • Situations where the banks will show some discretion regarding recent repayment capacity
  • Red flags for banks - missed payments, referral charges, cash advances from credit cards, etc.
  • Gambling transactions*

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl

*To add to this point: at least one bank does not like to see gambling transactions on a credit card statement. Occasional usage (within reason!) from a debit card would not be so much of a problem - the issue is using credit to gamble, no matter how small the amount.
 
Episode 3 of “Your Guide to Getting a Mortgage in Ireland”. In this video, I discuss the Central Bank mortgage lending restrictions in detail. Please reply with any comments or queries.

https://www.youtube.com/watch?v=SwPVa3z3vLw

Topics covered include:
  • The two main mortgage lending limits: loan-to-income (LTI) and loan-to-value (LTV)
  • The differences between LTV limits for first time buyers and non-first time buyers
  • How different banks' interpretations of total income (including bonuses, overtime, etc.) can lead to differences in the maximum amounts approved for the same applicants under the LTI rule
  • Exceptions that may apply to each restriction, and the importance of shopping around

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl
 
Episode 4 of “Your Guide to Getting a Mortgage in Ireland”. In this video, I discuss the mortgage application process.

https://www.youtube.com/watch?v=qE9-3-2hQMI

Topics covered include:
  • Preliminary assessment
  • Documentation required
  • Detailed assessment and recommendation
  • How long it takes
  • When to start shopping for a new home
  • How long approval in principle lasts
  • Re-application process, importance of maintaining current circumstances and good habits

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl
 
Hi Dave,

I run a website called Irish Home Magazine. Irish Home dot i e.
We'd love to feature your series, we can host the vids straight from YouTube and have a little article to go with it.

Would that be ok with you? Happy to discuss further if you have more content to put out there. This is exactly what we are looking for with our customers.
 
Ben Irish Home said:
Hi Dave,

I run a website called Irish Home Magazine. Irish Home dot i e.
We'd love to feature your series, we can host the vids straight from YouTube and have a little article to go with it.

Would that be ok with you? Happy to discuss further if you have more content to put out there. This is exactly what we are looking for with our customers.
Click to expand...
Hi Ben. Of course, please feel free to embed the videos on your website. There are three more episodes to be released over the coming weeks, so I will post them here. As the the good people in Bonkers.ie are the producers of the series, I am sure they would prefer you to use the links above as the sources for the embedded videos. Please feel free to get in touch if you need any assistance with the article, or if there is any other content that I can help with for your website or magazine.
 
Episode 5 of “Your Guide to Getting a Mortgage in Ireland”. In this video, I discuss what is required to go from approval in principle, to loan offer, to drawing down your mortgage.

https://www.youtube.com/watch?v=v2SaiIzrqRE

Topics covered include:
  • Pre-loan offer requirements: pre-purchase survey, valuation report*, satisfying any other conditions on the approval in principle, etc.
  • The closing stage: insurances, legal documents, etc.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl

*At present, one lender will cover the cost of the valuation report. However, long-term value is always the main objective.
 
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