First time buyer

So you are thinking about buying a property?

I am sure you thought long and hard about this decision, so we here at fixmyfinances.ie won’t be trying to give our spin on the property market. Buying a home should be a life style choice and you and you alone will know if you are ready to take this step.

What we will do however is ensure you get the very best information and advice on your financial well-being and that the mortgage and associated products are the most cost effective and suited to your need.

Ok so here are some things to consider

Whether you get a loan or not or even the amount you can borrow is determined by a number of factors and normally based on the different rules and policies of each lender.

These are pretty similar and broadly speaking is to usually to determine a borrower's "risk profile". That is determine his ability to repay the loan based on some or all of the following

1. Track Record the borrowers past performance when borrowing money and paying bills is crucial and is the first step in getting a loan. This can show the borrower's intention to repay the loan. We can help you determine your existing credit rating and identify and issues

2. Capacity to repay the loan is second on the list of most lenders. This is invariably your income and to some degree savings or investments. This shows the borrower's ability to repay the loan. This is critical in the current market and in our experience the longer and more stable the employment the more likely loan approval is.

3. Collateral or the assets that are being used to secure a loan, and in most cases this includes the property being mortgaged but in other cases it can mean additional security such as other property, a deposit of money, or a personal guarantor.

4. Conditions these include the borrower's stability of employment, income and sometimes but not as frequently where you live ie. being at home with parents or in rented property etc. Different lenders look at each condition differently. If a lender perceives instability in these areas they will decline as generally people from instable backgrounds have a higher risk profile.

5. Confidence of all the things considered, this is probably the most important criteria and can come down to the current economic climate, statistical data and almost the credit assessor's "gut feel" about what is presented in the loan application. This is an area where a Mortgage Broker can help to present your loan application truthfully, accurately and with supporting data and comments. We know what they look for and can present you application to make it appealing to them. Even when the climate is bad we can make a case for you personally.