Here at permanent tsb, we’re ready to support you at every stage of your home buying journey from understanding the process and what you need to do at every stage, to helping you with the paperwork.
When you’re ready to apply for your mortgage, come and talk to us. Book a Mortgage Appointment with us today and we can work with you to help you complete the application form and understand everything you’ll need to do along the way.
When you’re ready to apply, we will work with you on your application and help you understand the supporting documentation you need to gather. These documents are outlined here and we’d usually suggest allowing 1-2 weeks to gather them all together ahead of submitting your application. Our mortgage team will guide you through the process during your appointment and talk you through every step of the paperwork.
Our mortgage team will support you through your application to help explain all the required documents, forms and processes. When we receive your application, we will let you know if any documentation is missing or if we require any further information and keep you posted. Once we’ve reviewed and submitted your completed application, we can give you Mortgage Credit Approval in 72 hours so you won’t have to wait too long before making that dream home a reality.
Every lender will look at various criteria before deciding whether to approve a mortgage. In all cases the primary focus is on your ability to repay the mortgage but we’ve outlined some of the main factors that are also taken into account below so you can start thinking about these ahead of your application to get prepared.
● A good credit history (meeting repayments on loans, not missing any Direct Debit payments etc)
● Being aged 18 or over
● Ability to repay - as a guide, debt repayments on all loans including your mortgage should account for around 35% of your net income (not exceeding 50%) so it’s good to aim to save this in the run up to your application where possible
● Secure employment and income
● Continuous employment for a minimum of 6 months
● Good savings history
● Good bank account management
Even if you’re not ready to apply just yet, there are things you can be doing in the background to help with your mortgage application down the line.
Locate your bank statements and all the other documentation ahead of time. Find out who you need to contact to get a copy of your Employment Detail Summary or get your Salary Cert stamped. Make sure you have a recent bill/letter as Proof of Address. Find a full list here.
Figure out how much your repayments will be. You must show a Proven Repayment Ability (PRA) of at least 85% of your new mortgage repayment for the previous six months leading up to your application date. This proof can be in the form of rent payments, savings or any loan repayments that will be replaced by the mortgage repayment when it kicks in. Check out this handy mortgage calculator as a guide for figuring out your mortgage repayments.
Manage your loans and outgoing payments. Avoid missed payments which have led to unpaid or referral fees. If you have a loan, credit card or overdraft it's important to ensure that you’re meeting minimum repayments and following the rules. As long as things like loans and PCPs (Personal Contract Plan) are manageable, and you can show this in your repayment history.
Get organised and show that you can manage your spending. Contrary to popular belief, banks aren’t looking at where you spend your money or which treats you’re indulging in, all they need to see is that you have a float at the end of the month. Title your regular payments so they are easy to identify on your bank statements. For example, title them as ‘Rent,’ ‘Savings’ or ‘Car Loan’.
72 hours starts once your application is completed and submitted for credit assessment during business hours. Excludes weekends. If any documentation is missing or additional information is required to reach a credit decision, we will notify you which may impact the decision time. Calculator results do not constitute an offer of a mortgage loan, nor is it legally binding and is for illustrative purposes only. Product eligibility criteria applies. Lending criteria, terms and conditions apply. Security and Insurance required. permanent tsb p.l.c is regulated by the Central Bank of Ireland.