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26 May 2017

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“If I talk to a bank before I have my finances in order, I’ll ruin all my chances of getting a mortgage.”

If you’re a first time buyer thinking along these lines, it’s a darn good thing you’re reading this article. Because, despite what some Irish buyers tend to believe, talking to a mortgage advisor could be a fast track remedy to getting a home of your own.

A pre-mortgage meeting is all about supportive advice and positive vibes. Think sitting in your kitchen with a friend, discussing your options over a cuppa.

Mortgage advisors just want to get you on the mortgage train, and they don’t judge (promise!).

But just in case you’re still not convinced, here are three good reasons why a pre-mortgage meeting will work in your favour:

1. You can get your ducks in a row

Remember, a pre-mortgage meeting isn’t a mortgage application. Instead, it’s a chance to ask any questions you have, to figure out what you need, and to start getting sorted. If you need advice on savings or the mortgage process, a pre-mortgage meeting is the perfect time to ask.

And don’t worry: your mortgage advisor is here to help and not to keep score of your finances, so showing them your financial documents won’t affect your chances of getting a mortgage when the time comes.

Your local advisor will simply use this information to help you get your finances into ship-shape for when you are ready to apply, whether that’s sooner or down the line.

2. There are no strings attached

Some buyers think that if they meet a financial advisor to discuss their options, they’ll be tied to this institution from the start. Not so! A pre-mortgage meeting is an initial chat to give you the info you need to get started. There’s no contract or bonding ceremonies or anything else you may have heard.

So, if for any reason, you did want to go with another provider for your mortgage, you have the freedom to break free (we apologise if you’re singing Queen for the next few hours).

3. You can budget for your new home with confidence

One of the most pressing questions for a first time buyer is ‘How much can I really afford?

Sometimes, it can be tough to get your affordability on the money. (Pun intended.) Factors like Irish house prices and the Central Bank rules can be disconcerting, to say the least!

But you don’t have to figure this out on your own. A pre-mortgage meeting will banish any doubt or uncertainty you have, so you can start house hunting in the right price bracket, with a pretty good idea of your deposit.

What documents do I need for a pre-mortgage meeting?

Great! You’re converted to the idea of a pre-mortgage meeting. But what do you need, and where do you go from here? Now, before you read the list of required documents, don’t worry. While it’s a long list, it’s all for the benefit of giving you the best advice. The more you bring with you, the more we can help.

Documents to bring along include:

  • Your current account statements for the last 6 months.
  • Statements for your credit card or any other borrowings for the last 12 months.
  • Most recent payslips covering the last 6 months and P60.
  • Photo and address identification.
  • Evidence of your savings, and any money that’s tied up a stocks and shares, too.
  • You can request a credit report from the ICB – so if you’ve missed a payment on loans or bills in the past, your mortgage advisor can give you the best advice on your credit rating.
  • If you are self-employed, it’s a good idea to bring your tax returns and any financial account records for the past 3 years.

How can I arrange a pre-mortgage meeting?

You can set up some time with an EBS mortgage advisor to talk about getting on the right track for a deposit and a mortgage. They can even advise you on saving account options and good habits.

If you want to know more about applying for a mortgage, a 30 Minute Mortgage Meeting with an EBS mortgage advisor will set you straight.

Get the ball rolling with our First Time Buyer guide. You can also use our mortgage calculator to find out how much you may be able to borrow.

Don’t forget to visit our Facebook page for the latest home inspiration, news and great competitions.

If you have any queries about opening an EBS savings account, call 0818 654 322 or email info@ebs.ie. EBS d.a.c. is regulated by the Central Bank of Ireland.

The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.

EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either expressed or implied) to the fullest extent permitted under applicable law.

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