Mortgage in Ireland: advantages and design features

When applying for a mortgage, you prepare a package of documents for the bank, which includes: statements from all your Irish and foreign accounts, a certificate of employment indicating your position and annual salary, a salary statement for the last three months, a rental contract and other documents upon request jar.

If necessary, you will be asked to explain all card movements and the legality of the money you have received or continue to receive in your bank accounts. If one of your relatives has given you money, you will need to provide a letter from that person and have it translated by an Irish translator.

The fundamental factor for mortgage approval is the existence of an open-ended work contract. If you work for yourself, then you must demonstrate stable earnings over the past three years, but if you are employed, then you can apply for a mortgage at least six months after starting work.

Irish banks determine the loan amount they can approve you based on the following calculation: take your annual salary before all taxes and multiply it by four. Also an important factor is your financial burden: the presence of dependents, monthly payments and loans, child care expenses and much more. It is important to note that a mortgage is not issued for a specific home, as, for example, in Italy, but is the maximum amount that the bank is willing to give you for the purchase of any home.

After the loan is approved, you will communicate with the insurance company, which will help you choose the best mortgage insurance option for you.