askpaul with tips when applying for a first time buyer mortgage:

Hi there. So, you’re thinking about getting your first mortgage, a massive step to take and a massive commitment. But don’t worry, we’re here to help you through the first-time buyer mortgage application process. So, I’m hoping to watch this video about six months away from maybe making your first application and you’re just considering that first mortgage step. If so, there are a few things you need to know before you get there.

First-Time-Buyer Mortgage Paperwork

For the first-time buyer paperwork that’s required, you’re going to need six months bank statements. When it comes to your bank statements, please remember these few points.

• Make sure you’re not in your overdraft.
• Make sure there are no betting companies on your bank statement. It’s a big no-no when it comes to the mortgage process.
• During interviews, make sure that you have no missed direct debits or make sure your accounts are really in good order.
• You’re also going to need to have savings – you need a 10% deposit.

If you’re using government support like the Help To Buy scheme, check out videos later on in this section to help you with that. If you satisfy certain conditions you could be entitled to claim a refund of income tax of 10% of the property value, up to a maximum of €30,000

The other thing that banks are really got to look for in your applications is that you can afford to pay your mortgage. What does that mean? If you’re looking for a mortgage and mortgage repayments of about €1100 or €1200 per month, you need to show that you can comfortably afford that in your statement. What does that mean? It means you’ll be able to save €1200 per month. If you’re renting at the moment for €1000, you need to save €200 or€300 on top, to show you have affordability each month and it’s really that simple.  When it comes to accounts, the main thing is being prepared. So, take a deep breath. Get in contact with us, look at the content in this section.

Make sure you’re prepared over the next six months before you sit down to put your mortgage application in place. The other couple things you’re going to need are payslips, salary cert from your employer and, your last year’s EDS (Employment Detail Summary). You will always need the previous year’s EDS at a minimum and, if you are using bonus pay/overtime etc, you will need the last 3 years’ EDS. If you have any loans or credit card statements, you’re also going to need them as well. I hope this video helps. As always, any questions please don’t hesitate to get in contact with me.

Contact askpaul today for help in applying for a mortgage