Mortgages Explained

Finding the right type of mortgage is a very individual process and we're here to help. There are a number of simple steps involved in the mortgage application process that we can help guide you through.

Step 1: Talk to a mortgage advisor
A mortgage advisor can give you advice on the best mortgage and associated insurance products to suit your needs. They will also provide you with all the information you need regarding the costs of your mortgage and any special terms.

Step 2: Apply
Apply for your mortgage and any associated optional insurance products you require. Most banks require you to apply directly in the branch but you can also apply online with some.

Step 3: Approval
Your mortgage application will be assessed and if approved an offer will be made. To help speed up the process, it is important that the correct documentation is received.

Step 4: Mortgage Offer
You will then receive your mortgage offer which gives full details of the offer of the loan and any terms / special conditions that apply. At this point you will also be advised if a professional valuation of the property is required.

Step 5: Funds Released
Once you have signed the mortgage offer a copy is sent to your solicitor who will advise you on the legal aspects of your mortgage. Your solicitor will also advise your lender of the date that the funds are required.

Discuss This Article

• what can i do ?

  Posted By: mary o sullivan Date: Saturday March 22, 2008 @11:10AM

  i have a 29 year mortgage with ge money 2278-11 each month we were with first active but needed extra funds and had nt enough accounts so we are with them now 10 months and we want out how can we do this ?we are on a 3 year fixed rate.
  mary.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Jane Date: Wednesday April 30, 2008 @02:09PM

  I earn 34K (monthly ney pay approx 2300) but have debts of 3K (credit card) and 7K (loan). I have no savings but have an inheritance of approx 60K. If I was to use the full 60K on a deposit, how much could I realistically expect to get approval to borrow? An "affordable" home has come up but it costs 300K and I don't think I can afford that... Thanks.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Tuesday September 23, 2008 @11:41AM

  Hi
  
  first of all , you will have to pay off the credit card and loan , in order for any bank to consider you, you have no savings so it is doubtfull you will get any mortgage (no matter the amount) as for the inheritance, unless you have any capital i.e (money in the bank) im afraid this is a no go.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Saturday November 12, 2011 @09:52PM

  I am 55years old and want to buy a home. I plan on working into my 70's. I make 30K a year. I can get a 50K 2 bed 1 bath in my area.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Ann Date: Wednesday February 18, 2009 @01:15PM

  I earn 30,000 and I have savings of 25,000, no credit bills How much could I expect to borrow for a home?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: anon Date: Thursday March 19, 2009 @10:08AM

  can someone tell me if we will qualify for mortgage. house 185k, looking for 92%. single applicant with 30000k gross, one loan of 350pm.
  at presant paying 800pm rent and mortgage works out at 600pm..... would bank consider this as at moment paying rent plus loan....

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Thursday April 16, 2009 @09:08AM

  we are in similar situation , low income for mortgage but paying more on rent than if we buy ... please post any advice . thks

  • Reply to this message

• Re: Mortgages Explained

  Posted By: Anonymous Poster Date: Sunday April 5, 2009 @07:16PM

  i am 45 years old can i get a 30 year mortgage.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Monday July 18, 2011 @04:27PM

  no chance me thinks, they usuallly expect people to have their morgage paid off before they retire, you would prob get one for 20years though!

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Gavin Date: Tuesday May 5, 2009 @11:03PM

  I'm 22 years old, I earned 36000euro last year and i was an apprentice till october, this year i'm quailifed and will earn about 46000 euro+ and i'm at the bottom of a 6 year payscale i'm in a perm job CIE. I have 8000 savings how much can i borrow and whats the chances. Who's the best to contact

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Colin O Leary Date: Monday August 3, 2009 @08:40PM

  25 year old male 15,000 deposit for a house earning approx 25,000 yearly

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Brian Date: Monday October 12, 2009 @09:33AM

  I am just 21 years old and am a Commissioned Officer in the Naval Service. I have a basic salary of €40,000. I currently have no savings as i payed a €11000 car loan over one year instead of the prescribed 3. How much could I realistically borrow and would my ability to pay off the car loan early be taken into account when applying for a mortgage.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Gabriel Date: Saturday November 14, 2009 @10:51PM

  Hi I have inherited a E350,000 property (recent valuation last week) the property also has two sites with planning worth E100,000 each but don't wish to sell these sites. I wish to borrow another E150,000 because the property is in need of some repair and I wish to extend the property. I have been in full time employment now for five years earning E30,000 PA as a managing agent, have a car loan that's 344.88 PCM no other debts whats peoples opinion on me getting E150,000 ??? any advice greatly appreciated.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Thursday December 17, 2009 @12:31PM

  I purchased a site with planning for €25,000. The actual value ( recent valuation ) is €50,000. I earn gross €33,0000 per anumn. How much can I borrow to build on this site.

  • Reply to this message

• Re: Mortgages Explained

  Posted By: M Date: Monday December 21, 2009 @10:03PM

  Hi all,
  my wife and I are planning to apply for a mortgage.
  
  My wife is working and her salary is 18000 p/y. I am currently attending full time college and am not working.
  
  we have no loans and about 6000 euro savings up until now.
  
  Being unemployed would affect a mortgage application. I was wondering if my life applied as a single apllicant, how much could we get from the bank?
  
  Also,are there any other legal methods of obtaining a mortgage,other than a mainstream bank?
  
  thanks

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: matt Date: Tuesday February 9, 2010 @08:24AM

  hi,i was wondering to know can we get mortgage as like we having job where we both earn 18,000 per year each (husband and wife)
  
  thanks,

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Friday February 26, 2010 @12:08AM

  Hi,
  Im a first time buyer, 30 years old, in permenant employment earning 55K per annum. I have savings of approx 45K (I have another 35K in investments that I could cash in if need be- though I'd prefer not to). One loan of 240 pr month with 14 months remaining on it.
  Could anybody tell me whether Im likely to get approved for a loan as banks are stricker at the moment and if I did get approved approx how much could I borrow.
  Thanks

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Jennifer Lee Date: Saturday March 6, 2010 @09:55AM

  I offer at 4% interest rate.
  
  Let me know if you are interested.
  
  unitedloansltd@gmail.com
  
  Jennifer

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: stephen Quinn Date: Friday January 7, 2011 @07:56PM

  hi looking for a mortgage to build a house

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: buster Date: Monday October 24, 2011 @04:58PM

  hi i dont think its how much can i borrow,but more like who will give me the one hundred thousand,i am an single dad who want's to buy a house for my 2 children@me,but two bank''s and cork county council have closed there door's on my face,i earn25thousand a year,have50thousand saving's,parents will give me a gift of 20thousand,have no loans or credit bills,there excuse was i pay my ex girlfriend 140 per week for my children,they say i wont have much to live on ,i dont smoke have the odd sat night out,the bankers destroyed my life@that of my beautyfull chrildren,i dont know if ye will post this Article,but i know someone might read it @ think of un married dad's @ there children
  
  Thank you

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Wednesday April 28, 2010 @11:59PM

  I'm a first time buyer and i was just wondering how much i'd need to be earning ,after tax to get a loan of €100,000.
  Thanks
  E

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Friday May 14, 2010 @04:17PM

  Im almost 22 and earn 24,000 Im thinking about buying a one bed apartment and its around the €130 mark... DO you think i would be able to get a mortgage?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: anon Date: Friday May 28, 2010 @04:31PM

  My husband is 33 and I am 28. I earn approx 54,000 and he earns approx 30,000. At present he owns part of a house, so we would either need to rent it out and try to buy or sell it, prob be in negative equity and then see where we are at....is there any hope for us??? We have no deposit....

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: anon Date: Tuesday July 6, 2010 @10:09PM

  my earnings per year is 17500 i get a bonus of 500, i have 2000 left of college loan ever defaulted on it at all, my partner isnt working but gets roughly 8500 per year
  
  is it at all possible for us to get a mortgage if we could get a deposit together.
  im talking a mortgage of less than 70000 if anything

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Sinead Date: Sunday August 8, 2010 @10:14PM

  Hi me and my partner are looking to buy out 1st home
  
  I am currently unemployed at the moment and my income for the year is 10.000 and i also have 15.000 in savings
  My partner is in full time employement but has been put on a 3 day untill business picks up he earns 15 to 20,000 a year and he has about 5,000 in savings.
  I currently have no loans but my partner has a 20.000 loan with the credit union
  the houses we are looking at are around 25,000
  
  How much deposit would we need and would it be possible to get a mortage and if so how much

  • Reply to this message

• Re: Mortgages Explained

  Posted By: BV Date: Thursday November 11, 2010 @04:21PM

  Hi Myself and my wife are working in ireland and we are looking to buy a semi -detached house. my self stamp 1 (permentant job- private company)and she is on stamp 4(permenant job- public sector) . will we get 92% mortgage at current time. i heard you wont consider stamp one.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: BV Date: Friday November 12, 2010 @01:55PM

  Hi Myself and my wife are working in ireland and we are looking to buy a semi -detached house. my self stamp 1 (permentant job- private company)and she is on stamp 4(permenant job- public sector) . will we get 92% mortgage at current time. i heard you wont consider stamp one. Please reply to query

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: marinaB Date: Wednesday December 1, 2010 @08:16PM

  Hi I have been reading these posts as i am currently investigating how much I could borrow. I don't see any answers to these posters questions. Do you send them privately?? Sorry if its a stupid question!

  • Reply to this message

• can i get a morgage ?

  Posted By: ronanb Date: Tuesday February 22, 2011 @10:50PM

  hi myself and my partner want to buy a house i earn 32000 gross and she earns 16000 we have 10000 in savings what sort of loan would we be able to get we have no other loans ?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: ell 30 Date: Wednesday April 13, 2011 @12:05PM

  hi i'm 41 yrs old and earn about 15.ooo a year my husband is 44 and earns 30.000 a year we are currently selling our house and clear off credit card debits of around 19.000 and a car loan of about 8.000, if we wait 6mths to give breating space and apply for a morgage of 180000 over 20 years would we get it ?? we would have 100.000 deposit left from sale of house and perfect credit history and both in our jobs long term, me 12yrs, husband 5years, really need answer soon as we are due to sign off on sale of this house as we really need to move for personal family reasons thanks for any help.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: linda Date: Sunday April 17, 2011 @08:28PM

  Hi, im 24 years old. Im looking to buy my first property and was hoping to enquire about the best way to go about it. I earn approx 52,000 gross p.a and have a 40,000 deposit saved over the last 2 years. No loans or repayments. I am hoping to buy on my own, how much would i be offered roughly? if i bought with my boyfriend (27) who earns 30,000, would we get substantially more?
  
  Thanks in advance.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Thursday July 7, 2011 @02:01AM

  The house I want to purchase has been valued at 160000. How much of this figure s would I be able to borrow. Should I put all my savings into the deposit? Lastly I am 56 years old earning about 250000 per anm.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: robbie reid Date: Sunday July 10, 2011 @08:39PM

  is there a rent to buy scheme. i pay €185 a week rent. not a hope of getting to save for a hse. please let me know as it kills me paying DEAD MONEY

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Julie Date: Tuesday August 2, 2011 @02:38PM

  To all who want to know would they be approved for a mortgage...
  
  Myself and my husband spoke with a Financial Advisor last week, and it was quiet awakening to say the least...
  
  We have no loans, credit card debt etc. I earn £20,000 year in London and my husband earns £80,000 TaxFree in Africa.. I want to move back to Ireland with our daughter while my husband still commutes back and forward to Africa. Our savings are £40,000. We were told in the meeting that things are going to get even tighter with the Banks down the line.
  
  The main banks that are lending are AIB and Bank of Ireland but not very much.. You will more than likely need a minimum of 20% deposit, no loans, no bad debt and at least 6mths to a year of bank statements which their underwriters will scrutinise. Permanent Jobs are a must.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Sterrin Date: Tuesday August 23, 2011 @03:14PM

  Just reading some of the above and as a home owner, I'd recommend that no matter how it hurts, keep renting for the moment.
  
  Yes, it makes savings hard (& someone mentions 'dead money') but learning the hard way, its better than no money with little hope on any return on the investment made.
  
  I've had my property for 8.5yrs now so got just before the height but with cut-backs in work, increasing Utilities etc I am finding it extremely hard to survive without going into the red. The thoughts of selling has crossed my mind on more than one occassion but I don't know who can buy - Banks are not lending!
  
  I know of many people who meet with Banks to discuss what is needed. They do everything asked, meet again only to have the goalposts moved.
  
  So, from someone who in a situation of her own making, unless you have extremely good credit rating & at least 15% of the value of the house saved STAY RENTING!!! The majority of Europeans cannot be that wrong.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Tuesday January 3, 2012 @04:21PM

  Hi,
  
  I have just been approved for easi steps and i am going to see a house this weekend can you please advise what happens next after been approved?
  
  thanks

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Wednesday September 14, 2011 @07:38PM

  Just got approved for the EasiSteps "rent to buy" option. Our house was originally 400K but the (newly built) houses have been dropped to just below 200K as they were not selling for that price.
  
  We were now advised that when we are taking out a mortgage for this house in a years time, the valuation could have dropped below todays price, meaning we would not get the money we need to purchase the house next year.
  
  If the house is valued below todays price we would have no option but to move out and would lose the 7000 deposit we already paid plus the monthly "rent" totals nearly 20K plus the floors etc we need to put in.
  
  Does anyone know if the valuer takes the furnishings and fittings into consideration? Has anyone experience with rent to buy?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Home Dreamer Date: Sunday November 13, 2011 @02:44PM

  Hi,
  
  Did you try to negotiate with Builder / easisteps, i am also looking to buy property through easisteps and seriously looking for feedbacks before signing the contract. Anybody experienced a drop in property value for Rent-to-Buy schemes ?

  • Reply to this message

• bad credit rating

  Posted By: anon2011 Date: Tuesday October 4, 2011 @08:51PM

  if i have a bad credit rating is there any option available other than waiting 5 years for it go off my credit rating ?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Jack Date: Wednesday October 19, 2011 @07:31PM

  Hi,
  I am wondering if it is possible to get a mortgage to buy a property from a bank outside of Ireland. I do not trust the banks in Ireland and feel they are unjustly increasing variable rate mortgages. and was hoping I could go to a different bank in the EU which uses the Euro also, like a German bank.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anon Date: Sunday October 30, 2011 @12:59AM

  Im 23 and have saved £10,000. I have no debt, and work part time and study a full time degree. I am also looking to sell my car (approx £4000). Can i get a mortgage with that type of money?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: John P Date: Monday November 7, 2011 @02:36PM

  Unless you are in full time employment you wont even be considered for a mortgage

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Conor Date: Saturday November 12, 2011 @10:42AM

  mate, you are 23. Why are you in such a rush to saddle yourself with a debt mountain? you don't have nearly enough savings. As a rule, 30% deposit, and never go over 2.5 * gross salary (before any bonus). 2.5 has been more traditional average. if any bank were ever to offer you more , say no. bottom line, keep studying, save at least 15% of your salary. Then in 10 years time when you know what you want to do with your life and have a bigger nest egg to protect against property fluctuation, buy a house.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Toby Date: Tuesday November 15, 2011 @02:33PM

  Have 170k to put down.
  Earn approx 50k a year
  What size mortgage can i get, was wanting to get 400k property as first time buyer, do you think i can get 230k mortgage?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: the bad owl Date: Wednesday November 30, 2011 @03:44AM

  Hi Michelle,
  
  can I ask what your salary is to get a mortgat of 170k

  • Reply to this message

• Re: Mortgages Explained

  Posted By: Michelle Date: Saturday November 19, 2011 @01:16AM

  Tony that's a horrific amount of money to put into a house!!?? I have applied for a mortgage on a house was 190k, got approval. But valuer would only sign house off at 170k. it's generally 5 times your salary that equals the max amount u can borrow but that's only after you prove:
  1. You have no dependants.
  2. You are full time permanent.
  3. You have 12 months or plus of solid savings, I saved a half to a third every month for 16 months.
  4. You have no debts what so ever, including credit union loans, or outstanding balances on credit cards.
  5. You can afford a mortgage even if the interest rate went to 6%.
  
  Why arent any of you guys just going into a bank to get this info, much easier and some circumstances vary anyway!
  Best of luck guys

  • Reply to this message

• Re: Mortgages Explained

  Posted By: jack Date: Saturday December 10, 2011 @08:45PM

  Hi, I am 40 years old with two kids age 3 and 3 months. I have a permanent job earning 32k yearly. I don't have any loan now and have a saving around 15k in the bank. after paying rent and expenses I save around 8k per year which shows in my account also. Can any one tell me please how much mortgage I can get as I am keen to buy a house now. Thanks

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Billy O Hanlon Date: Monday December 12, 2011 @07:37PM

  id say the most you should be able to get is goin to be aprox €240,000 but this will depend on the age of your children, for instance if the are very youg they will make it more difficult as they will be dependant on you but if they are older they may actually help asyou can put their earnings on the anual earnings of yourself

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: jack Date: Wednesday December 14, 2011 @10:11PM

  Thanks @ Billy O Hanlon. do you know which mortgage lenders I would get better offer. I never applied for one before and I just don't want to disappoint myself with a negative answer from them.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Andy b Date: Sunday January 1, 2012 @02:41PM

  Hi would a bank take rent as a way off savings I pay €800 a month rent would this stand to me at all.

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: john Date: Wednesday January 4, 2012 @08:20PM

  Hi
  I own a house with no mortgage in the midlands its value is around 150k now. i am living in south munster now for 8 years and want to buy a house and settle down here. i earn 40k a year and pay rent of 600euro a month but i have very little savings. i am looking at a house that is going for 120k. is ther any way i would get a mortgage.

  • Reply to this message

• Re: Mortgages Explained

  Posted By: sam Date: Tuesday January 17, 2012 @11:32AM

  hi
  me and my partner are interested in buying a house. we are both working, his full time and im felxi. we come out with over 3000k a month between us. we have over 5000k in savings. what do you think our chances would be, and how would we go about getting a mortgage?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Brian lawlor Date: Sunday February 5, 2012 @10:08PM

  im just curious me and my girlfriend earn between around 50.000 gross a year and hav been workin in our jobs for 10 years . would we be able two get a100 percent mortgage on a 170.000 home. im fed up payn other peoples mortgages

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: natasha Date: Friday February 10, 2012 @11:58PM

  hi my partner and i are thinking of buying a house. Im working full time in same employment for 5 years earning app 30000, my partner isnt working since November last year. We have savings of approx 55000 and would be hoping to get a mortage of 90000.We are paying rent of 400 per month
  What do you think our chances are to get a mortgage

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Anonymous Poster Date: Friday February 24, 2012 @02:14PM

  I a temporary teacher earning over 30k a year ...have 16k in the bank .. Could I borrow 70k from the bank ??

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: chigozie Date: Wednesday February 29, 2012 @03:41PM

  pls i am 24 a civil servant and a mother of one, i earn N19,000 per month. I need a loan of N120,000 so that i can get an apartment. Can it be possible?

  • Reply to this message

• Re: How Much Can I Borrow

  Posted By: Jim Date: Tuesday May 1, 2012 @05:17PM

  I earn 30,000 and I have savings of 30,000, no loans or debt. How much could I expect to borrow for a home? Looking to borrow around 140,000 - 150,000. Thanks

  • Reply to this message