In the past couple of months, we have experienced an increase in mortgage enquiries from our members. The increased interest reflects what is happening in the overall mortgage market. Changes to Central Bank lending rules and the Government’s help-to-buy scheme have resulted in a surge in people applying for mortgages.

With all these market changes, it is now important to get in the best possible position for a mortgage approval.

Applying for a mortgage can sometimes seem like going through an obstacle course. IMO Financial Services can take the hassle out of mortgages and assist you in getting mortgage ready.

Here are a few points detailing how we can benefit you in your mortgage process:

• Assessing your financial situation
• Things to avoid
• Things you should do way before applying for a mortgage
• Why choose IMO Financial Services over going to your bank

Before you start searching for the home you wish to buy, meet with us and we will be able to assess how mortgage ready you are and how much you can borrow.

Please contact our dedicated mortgage adviser Philip Carroll at imofs@imo.ie or simply call us on 01/6618299 to arrange an appointment.

We hope to hear from you soon.

Your IMO FS Team

imofs@imo.ie

IMO Financial Services

Warning:   The material in this email is not intended to provide advice and is provided   for general information purposes only

Assessing Your Financial Situation

We will advise you on what you need to ensure you submit a successful mortgage application. We recommend you meet with us six to eight months prior to submitting a mortgage application.

We will evaluate your current financial situation and, if needs be, provide you with advice on how to get your finances in order. We will also assess what level of mortgage you may be able to apply for.

Things to avoid/do

 

Below is a list of things to avoid in order to ensure your application is processed without any delay:

• Insufficient deposit – first time buyers need a minimum of 10%; 20% if you are a next time buyer
• Not showing affordability – lack of proof of ability to repay a monthly mortgage (e.g. rent paid in cash needs to show in a bank statement each month)
• Credit card debts – decreases your monthly affordability due to a reoccurring monthly bill
• Overdrafts – unable to manage your cashflow
• Suspicious transactions – e.g. online gaming or gambling transactions can cause problems with your application

We strongly advise you to develop good habits prior to applying for a mortgage:

• Set up a savings account and make consistent monthly instalments
• Irish Credit Bureau (ICB) check should be carried out to assess your credit history and address any potential issues
• Credit card balances cleared each month – if not, the average monthly balance over six months is taken off affordability
• Good account management with no direct debit bounces

Why should you choose IMO Financial Services as opposed to dealing with a bank?

IMO Financial Services are more flexible than banks. We know the long hours you work and we are happy to meet you either at home or at work at a time that suits you rather than you trying to fit an appointment around a bank’s opening hours. You will also have one point of contact within IMO Financial Services who will be familar with your case.

• There are a few other reasons to meet with us:
• We do not charge a fee
• We can identify potential problems and find a solution before you submit your application resulting in a quicker turnaround by the lender
• We will look after your application process and deal with the lender on your behalf, saving you time
• We deal with KBC, Haven and PTSB which offer a great variety of rates, terms and conditions
• Most importantly, we will argue your case with the lender getting the best possible loan and term