Those looking to take advantage of the extra mortgage relief available for the next 8 months need to prepare themselves financially to get approval. Mortgage seekers need to show a year in advance of financial discipline in order for them to secure a mortgage loan from a bank. Around 13,000 mortgages were estimated to be approved in 2011 with this figure possibly rising to 15,000 thanks to the mortgage relief available until the end of this year.

Despite the Irish banks sending out a message to provide more mortgages to home buyers in 2012, banks are now going through the spending and savings records of applicants (going back as far as a year) of prospective borrowers with a fine toothcomb.

People have been turned down over missing payments on credit cards and other monthly repayments even though they asked to borrow less than 92% of the house value and had a sufficient deposit at the ready for the bank, casting doubt on the mortgage advisor as to the ability of the borrower to maintain repayments. So, keeping up with your bills on a timely basis is key for securing a mortgage.

Having a lump-sum deposit in also not enough today; banks want to see that people are saving consistently each month as opposed to getting gifts from parents. Also, being in permanent employment is also an important requisite to get a mortgage. So, if you are offered a new job and are looking for a mortgage, this will affect your chances of getting a mortgage, even if the new job pays more.

So if you are planning to buy before the end of year deadline, get in touch with one of our mortgage advisors and we can give you advice to get your finances in order and secure you a mortgage.

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