M is for Mortgages

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The basics that help you understand mortgages.

No time to watch the video? No problem. We’ve summarized some of the key points you should know:

  • You can still dip into your savings, just not for making a big splash. The important thing is to be able to demonstrate that you’ve a regular savings habit. So if you can save €1,000 a month it shows a bank that you can pay a mortgage of €1,000 a month. Any rent payments will also be taken into account for your overall afordability.

  • Even the odd trip abroad should be fine, as long as it isn’t eating into your savings.

  • If you’re self-employed you’re considered the same as anyone who is a PAYE (Pay As You Earn) employee. The only difference is that rather than a record of your wages you need to provide two years of audited accounts.

  • Remember that although ‘Approval in Principle’ is really positive, it isn’t a guarantee you’ll get a mortgage. You still need to continue meeting all the conditions asked for, supplying any documents needed, and keep up your good money habits.

  • You can apply for a mortgage from a bank where you’re not an existing customer.

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