Applying for a mortgage can be daunting experience, not knowing what documents you’ll need, how much you might be approved for, maybe unsure if you’ll be approved at all! Keenan Financial Planning aims to take the stress out of your mortgage application so that you can concentrate on finding the home that suits you.
We have direct agencies with ICS/Dilosk and Ulster Bank. As a subagent of Brokers Ireland, I have access to KBC, PTSB, Haven and Pepper.
We offer a full application service, from filling out the initial application forms, advising you on what documents to gather, to applying for mortgage approval and ultimately a loan offer. We communicate regularly with our client every step of the way, keeping you informed as to developments as they happen.
Unfortunately we do not provide advice on non-residential buy to let/holiday home mortgages.
We do not provide mortgages for self-builds.
Keenan Financial Planning offers a Free Mortgage Pre-Enquiry service. You can apply via the contact us section and we will be in touch. The benefits of the pre-enquiry service are;
- Establish whether lending is possible without going through the full formal application process, saving you time
- Find out how much you should be able to borrow and establish what properties are within your range.
- Identifying the lender most likely to offer you the best rate and highest amount of borrowing, so that we can then apply to that lender specifically
- Turnaround time of normally less than 48 hours
Once you are satisfied with the outcome, we can then proceed to a formal mortgage application.
Formal Mortgage Application – Fees
There is a mortgage application fee of €400, payable at outset to Keenan Financial Planning to cover the administration and follow through on your paperwork. Regardless of whether a mortgage is secured or drawn down, such a fee is non refundable in all circumstances.
In addition to the application fee, on drawdown of a mortgage, Keenan Financial Planning are paid a 1% commission by the lending institution.
With access to Dilosk/ICS, Keenan Financial Planning can facilitate Residential Buy To Let Investment mortgages under certain criteria in the following circumstances
- Personal Investment
- Company Investment
- Pension Fund (subject to new stringent criteria and limited mostly to PRSA pensions)
Help To Buy Incentive
The Help to Buy incentive is designed to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment to live in as their home.
The incentive provides for a refund of income tax and DIRT paid over the previous four tax years to first-time buyers who purchase or self-build a new house or apartment to live in as their home.
The main provisions, as set out in the Finance Act are outlined below.
Who is entitled to claim?
A first-time buyer of a house or apartment who purchases or self-builds a new residential property may be entitled to claim a refund of income tax and DIRT paid over the previous four tax years.
The first-time buyer must not have either individually or jointly with any other person (directly or indirectly), previously purchased, or built a property. Where more than one individual is involved in purchasing or building a new home, all of the individuals must be first-time buyers.
The property must have been purchased or built as the first-time buyer’s home. It does not include properties acquired for investment purposes.
The property must be occupied by the first-time buyer, or at least one of the first-time buyers in the case of multiple first-time buyers (a group), for a period of five years from the date the property is habitable.
For more information, please complete the contact details and submit.
New CBI rules
Earlier this year the Central Bank of Ireland introduced a borrowing limit of 3.5 times total salary. This has reduced the previous borrowing capacity of individuals and couples and in the vast majority of cases, this limit cannot be overridden.
In addition to the new CBI ruling, lenders will generally want to see the following criteria met by applicants:
1. Applicants are in permanent jobs and not serving any probationary periods
2. They have a full clean credit history with no arrears or defaulted loan/credit card repayments
3. They have a proven track record of regular monthly savings and/or rental payments
4. They have saved the majority of their deposit themselves
Please feel free to contact Gavin if you have any further queries or questions in that regard, I’ll be happy to help!
How much can I borrow?
Subject to the CBI limit, you borrowings will be a maximum of 3.5 times salary. However certain outgoings will reduce the amount you can borrow, such as;
1. Number of dependents
2. Childcare or any other significant financial commitments
3. Existing mortgage repayments
4. Existing monthly loan repayments
All of the above will reduce your repayment capacity which the lenders now stringently stress test. However I can guide you through the finer details prior to any formal application.
In certain circumstances, exceptions may be granted by the lender which can go outside of normal Central Bank criteria.