Is there a template / guide for getting mortgage ready (Trading Up)

S

Sean

Registered User
Messages
9
Hello

We're hoping to trade up over the next 6-12 months and have begun to get affairs in order.
We have cleared credit cards, consolidated credit union loans, started regularly saving each month etc

At this stage, I'm wondering if there is an excel template or similar that will give me some comfort / guidance as we go along this journey to see where there may be gaps in our plan?

Thanks

Sean
 
Hi Sean

Although, this is written for FTBs, it contains a lot which would be relevant to you.

Key Post - Preparing for a mortgage application

If you're considering applying for a mortgage in the future, there are some steps you should take now. If anyone wants to add to these, please do and they can be incorporated into the post. You are unlikely to get a mortgage if... You cannot show a history of being able to pay the proposed...
www.askaboutmoney.com

For trader ups, I would further advise not to reschedule your mortgage because of Covid.

Brendan
 
Banks are somewhat cautious at the moment about private sector employees. They will look carefully at both your job and your employer. They're trying to guesstimate if your employer might run into difficulty due to Covid-19 and lay you off.

Anecdotally, I hear that exceptions to the usual Central Bank rules, e.g. 3.5 x combined gross annual salary or maximum 80% LTV for second-time buyers are extremely rare at the moment, also due to Covid-19.

With many bank staff working from home at present, applications are taking longer to process and in certain areas mortgage valuations are difficult to arrange.

If you're planning for 6-12 months down the road, these issues might not apply to you and at least the second two may well be resolved by the time you're applying.
 
If you're absolutely sure that both of you have a clean credit record, then there's no need to do anything to check it. But if you're not entirely sure, it's worthwhile requesting your own records from both https://www.centralcreditregister.ie/ and http://www.icb.ie/ - better to know now than in 6 - 12 months' time. Your enquiry will appear on the records thereafter, but that's not an issue if you're just making a single enquiry and not doing so regularly. When I say "if you're not entirely sure", you might be wondering if that one time you were on holidays and forgot to pay the credit card on time has been recorded on your credit record.
 
You must log in or register to reply here.
Back
Top