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22 Sep 2017

Posted in:  First Time Buyer

You know how it is: you open your social media newsfeed, and there’s smug Eimer and her boyfriend Kev standing in front of their new home, complete with their new set of keys.

Her Facebook status might sound a little like “We had the most amazing home buying journey…we cherished every moment.” Then, through the grapvine, you hear that your Mam’s second cousin’s son got mortgage approved in two weeks! There might even be articles online that talk of quick turnarounds on mortgage approval, and make it all look like a glorious walk in the park.

Unfortunately, the harsh reality is often that when something sounds too good to be true, it is. When people jump into something head first without knowledge and preparation, there’s usually a rude awakening down the line.

The problem? It’s often not quite that simple: getting your finances in order to make the biggest financial investment of your life will require a little time and work – and that isn’t a bad thing. No, really, it isn’t!

Because here is where our Mortgage Masters come into play – with their expert knowledge and decades-long heritage of getting Irish people onto the property ladder and into their dream homes.

At EBS, our Mortgage Masters live and breathe mortgages; it’s what they do best. And these pros will aim to deliver you the honest – and realistic – advice from the start, no lofty promises or misleading claims. We know getting your mortgage is a process that can take weeks, months even – but we will get you there in the end, because that’s what we do.

Ready to get your head around the mortgage maze? Then take a look at our Mortgage Master Truth Detector– and give our expert opinion on just how “true” smug Eimer’s statements are.

1. Claim: You can get approved in two weeks: True or false?

Mortgage Master Truth Detector says:

Sure this can be true, you can get a mortgage approval very quickly.

But – and this is the catch – only if you can prove you have saved consistently for six months or more, checked your credit rating, can show proof of permanent employment and haven’t missed any direct debits on your account in the last six months.

So what we’re saying is that for most people it’s a process that takes more than 11 days, from start to finish.

There are things that need to be checked and papers that need to be in place – in fact, the average mortgage journey takes between six to 12 months.

2. Claim: “It’s all about the personal situation, not the paperwork”

You might also have heard that what really matters for your mortgage loan is your personal situation, like your job title and how much you earn – that’s what will determine how much you can borrow.

We all know, or have heard of people who like to splash a bit of cash, go to expensive restaurants and put it on the card – they can dip into their overdrafts, they reassure you.

“Once a lender sees my income, sure that’ll do the trick, right?” scoffs confident Kevin. Well, it might be okay, but it also will be potentially disastrous for their application. Some folk might like to think that a bad credit history won’t get in the way of getting you a mortgage, but how does it actually work?

Mortgage Master Truth Detector says:

The reality is that showing you can manage your finances and save money is very important when it comes to getting approved for a mortgage, as this is essentially what the banks and lenders go by when determining how likely or not you are to keep up with your mortgage payments.

Not having your finances in order or having a bad credit history could mean the only mortgage that lender will offer you is a subprime one – and often, when you read the small print, these mortgages come with significantly higher interest rates.

At EBS, our Mortgage Masters will sit down and talk about managing your finances, and how best to prove you can manage your mortgage.

Our Mortgage Masters, who deal with this day in and day out, will look at your situation, and they’ll be honest. If you’re not ready to buy just yet, they’ll do everything they can to get you up to speed, so you can apply a few months down the line.

3. Claim: “The mortgage process is simple and easy”

“Oh, getting a mortgage was a doddle. Sure, we were approved in three weeks and into the gaff and all in two months, sure.” Smug Eimer nods assuredly.

We’re not saying it’s impossible– but the thing is, if you’re hearing that someone got mortgage approval in a matter of weeks, there is usually a good reason, or a bit of background story that you’re not hearing; such as, they had received some good advice a few months back, and had been saving for a before making the application. Or perhaps they had extra disposable income that they were in the habit of putting into a savings account. In other words, there was more prep work there than initially suggested. And this situation is usually the exception, not the rule. But don’t fret! It’s not doom and gloom, it’s just the reality. The good news is, all you need to get a mortgage is the right lender in your corner from the beginning, who will help you get a mortgage as fast as your situation will allow.

Mortgage Master Truth Detector says:

The reality is that getting a mortgage is a process that will take a little time.

You need to show proof of savings and that you save regularly. You need to have all your paperwork in order and money saved up for surveyor fees and solicitors and property tax. At EBS, we will tell you the truth from the beginning, no lofty promises or too-dreamy-to-be-real rumours.

A lot of prospective buyers will start “window shopping” for their dream home a good while before they have even started saving properly, so instead of promising them a mortgage straight away, our Mortgage Masters will discuss how to best get started on your savings, how to get a deposit together and any other details you’ll need.

Want to chat to your local EBS Mortgage Master?

If you’re thinking of your own home, you can get some free mortgage master wisdom in your local area. Book a mortgage meeting to suit you with one of our mortgage expert, try out our mortgage calculator or or get the ball rolling with our First Time Buyer guide.

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

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EBS d.a.c. is regulated by the Central Bank of Ireland.

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