Eoin is joined by Lorcan Sirr, housing policy analyst and senior lecturer at TUD, to discuss the rising property prices and supply issues in Ireland. They also delve into the history of affordability issues, the impact of tracker mortgages, presenting oneself to the bank, and preparing for the home-buying journey.
Start the home-buying process early and consult with a mortgage broker to assess your finances and receive guidance on the best approach.
For individuals living abroad looking to purchase property in Ireland, building a relationship with a reliable mortgage broker and ensuring financial records are in order are essential steps to navigate the challenges of buying property from overseas.
If struggling with increasing payments on a tracker mortgage, consider switching to a fixed rate mortgage after consulting with a mortgage broker to provide stability and peace of mind.
Deep dives
Importance of Getting a Mortgage Early
If you're considering buying a home, it is essential to start the process early and consult with a mortgage broker. They can assess your finances and provide guidance on the best approach. Additionally, understanding your ability to make mortgage repayments is crucial. By showcasing consistent savings or rental payments higher than the mortgage amount, you can demonstrate your ability to repay the loan. Furthermore, it is important to maintain clean bank statements and a good credit history to enhance your chances of approval.
Buying Property from Overseas
For individuals living abroad who want to purchase property in Ireland, several considerations come into play. One aspect is the larger deposit required by banks as a form of security, usually ranging from 30% to 40%. Building a relationship with a reliable mortgage broker is recommended, as they can guide you through the process and help secure a suitable loan. It is also crucial to ensure that your financial records, such as credit reports and bank statements, are in order. By taking these steps and planning ahead, you can navigate the challenges of buying property from overseas.
Tracker Mortgage Challenges
If you are struggling with the increasing payments on a tracker mortgage, it may be worth considering switching to a fixed rate mortgage. Losing sleep over mortgage repayments is not ideal, and moving to a fixed rate can provide stability and peace of mind. Before making any decisions, it is advisable to consult with a mortgage broker who can assess your specific circumstances and provide tailored advice. It's important to remember that individual situations may vary, and seeking professional guidance is key.
Preparing for a Mortgage
When preparing for a mortgage application, it is important to gather the necessary documents and ensure your finances are in order. Meeting with a mortgage broker can provide valuable insights and help you understand your borrowing capacity. To prove your ability to repay, consistent savings or rental payments above the mortgage amount can be highlighted. Additionally, demonstrating a clean credit history, keeping organized bank statements, and minimizing gambling activity are all factors that can increase your chances of mortgage approval.
Navigating the Property Market
The property market can be challenging, but there are strategies to improve your chances of buying a home. Starting the process early, consulting with professionals, and understanding your financial capacity are essential steps. Exploring government schemes such as Help to Buy and the First Home Scheme can provide additional support. Sharing your experiences and seeking advice from others who have gone through the process can also be helpful. Remember, finding the right home takes time and persistence, and staying prepared will increase your likelihood of success.
Trying to navigate buying a home or moving house in Ireland today. Eoin is joined by Lorcan Sirr, housing policy analyst and senior lecturer at TUD, to discuss the current state of play.
