Mortgages
What We Do
The key advantage of using our mortgage broker services is that you get the lowest rate and the best mortgage available to you. We will search all the lenders on your behalf leaving you time to get on with the more important business of finding or designing your dream home.
How Much Can I Borrow?
In times gone by, the amount you could borrow was determined by simply multiplying out your income. However, this is no longer the case.
Lenders now take into consideration many more factors when assessing mortgage applications, these include the following:
-
Do you have dependants?
-
How is your income made up, is overtime/shift pay guaranteed, have bonuses been consistent for the last 3 years etc.?
-
Do you have other liabilities; short-term debt, maintenance payment etc?
-
Have you proven your ability to meet the repayments if rates were to rise?
Your bank account activity over the last six months will also come under the microscope as lenders take a close look at your ability to make the proposed mortgage repayments. They will pay particular attention to regular monthly savings and/or paying rent. Applications can be declined, even if you have a good income, if they cannot see a regular pattern of these kinds of payments.
At Acorn Financial Services we know the criteria for all lenders and how each lenders’ criteria differs, for this reason we can assess which lender will suit your particular circumstances best.
So if you're a first time buyer, looking to remortgage or move house, or just releasing equity we can help you secure the best deal, just contact a member of our team today.
Top Tips To Help Secure That Loan
Ensure that existing loans and credit card payments are up to date as every lender will check your credit rating with the Irish Credit Bureau.
Keep your current account in good order as lenders will look for six months bank statements.
Lenders will want to see evidence of your ability to repay the mortgage so evidence of regular savings and/or rent payments is essential.
No online betting transactions on your current account.
Mortgage Protection Insurance
This is a life insurance policy designed to pay off your mortgage if you die during the term of the loan. Your mortgage protection policy will run for the same length of time as your mortgage.
Do I Need Mortgage Protection Insurance?
The mortgage lender is obliged, under the Consumer Credit Act 1995, to ensure that an insurance policy is in place to cover the balance of the mortgage due in the event of your death, or that of your partner in the case of a joint mortgage.
You do not have to take mortgage protection with your mortgage lender. You are free to seek independent advice and we can help get you the best deal with the best provider.
Just fill your contact details below and we will call you.
Warning: If you do not keep up your repayments you may lose your home.