Purchasing Advice Do's and Don'ts
Purchasing Advice from our Specialists
How much can I borrow?
The maximum mortgage available is 90% of the purchase price.
How much savings do I need to have to purchase a property?
You will need to have at least a deposit of 10%.
Plus legal fees
Plus stamp duty
So let’s assume you are purchasing a property for €500,000 you will need the following:
10% deposit €50,000
1% Stamp duty € 5,000
Legal fees € 2,500
Total needed €57,500
The amount you can borrow is based on a number of criteria as follows:
- Other loans you may have
- Repayment capacity
You should be in a permanent employment and not be on probation (exceptions can be made for professionals) like doctors who would be on contracts in different hospitals.
The amount you can borrow is a multiple of your salary with deductions taken if you have other financial obligations like child support, dependent children, and other loans, Credit Card Bills or if you have a partner who is not working
In order to get a mortgage you will have to be able to demonstrate to the bank that you can afford the mortgage required
As a rule of thumb, banks will want you to demonstrate that you can afford to pay your mortgage repayments and also be able to pay the mortgage if the interest rate increase by a level acceptable by the Central Bank* and subsequently each individual lender.
*The Central Bank requires advisers to stress test repayment ability by 2% over the current interest rate offered by each loan provider to the consumer.
Before you apply for a mortgage you should insure that your bank statements are in order. Sometimes you need to put a 6-month plan into place before you apply for the mortgage. This plan should include
Clearing your credit card in full 6 months before applying for your mortgage.
Not using your credit card for the 6 months prior to applying for a mortgage.
If you need a credit card to book flights etc look at purchasing a prepaid credit card.
Fill in our online application form to see how much you can borrow.
Mark Cahill Financial Services Limited t/a North Dublin Mortgages, Mark Cahill Financial Services, Company Pension, Pension Dublin is regulated by The Central Bank of Ireland.
Warning: If you do not keep up your repayments you may lose your home.
Warning: The cost of your monthly repayments may increase.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.