Frequently Asked Questions
What is a Pre-Approval?
A pre-approval gives you an indication of the maximum amount you can borrow.
How many months of bank statements do I have to provide?
Normally a Bank will request your last 3 months bank statements.
What are the main Costs associated with a Mortgage?
The main costs associated with a Mortgage include:
- Deposits
- Stamp Duty
- Legal Fees
- Life Assurance
- Home Insurance
Do I need to have Savings?
A steady savings record helps an application, Lenders want to be able to see that you can save a certain amount of money every month.
What will Lenders look at when considering your application?
Lenders will look at your employment, income and current evidence of repayment capacity.
Is there a minimum or maximum term for a Mortgage?
This depends on the Lender; with most lenders the minimum term would be 5 years and maximum term is normally 35 years.
Why use a Mortgage Broker?
A Mortgage Broker can shop the market for the best rates and products from a number of Lenders, saving you time.
How much can I borrow?
How much you can borrow will depend on your income and Loan to value. A Lender will review both your gross and net income and the security of employment. If you are a first-time buyer you will quality for a loan to value of up to 90%, this means you will have to have a 10% deposit saved. If you are a second time buyer you will quality for a loan to value of up to 80% and will need to have a 20% deposit saved. Please note there are some exceptions to this rule.
