At Finance Ireland we’re about doing our best to provide mortgages that have a little more flexibility and, by being flexible, we’ve been able to help people in ways not every lender can.
There’s no ‘credit-scoring’ or complicated models used to assess your application – we look at every case on its own merits – even where your situation might not be typical of most. If you’re looking for a better deal on your mortgage, talk to an appointed mortgage broker today about what Finance Ireland can offer you.
We have different criteria for different types of borrowers as follows:
Maximum loan to value (LTV) of 80% for private homes and 70% for investment properties.
Terms between 5 and 30 years available (investors have a maximum term of 25 years).
Maximum loan size of up to €1,250,000 in Dublin and up to €750,000 elsewhere.
If you have had previous arrears on your mortgage we suggest you talk to your broker directly who will explain your options to you.
Can I borrow more when I switch?
Many people like to borrow a little more when switching their mortgage. As long as your overall LTV is 80% or less once you’ve borrowed the additional funds, we’re happy to look at your application.
What are the steps to switching?
Step 1 – Find out how much you can borrow
We’ve a handy calculator that can give you an idea of how much you could borrow and what the repayment would be.
Step 2 – Talk to an Appointed Mortgage Broker
Our mortgages are available exclusively through a network of appointed mortgage brokers. A mortgage broker will guide you through every aspect of your application, delivering independent, unbiased advice to help get the right mortgage for you. You can choose from our full panel of appointed brokers here:
Your broker will collect some personal and financial information to allow them get a clear understanding of your situation. They will look at things like your income, outgoings, savings and other loan repayments to get an accurate picture of how much you can borrow. We will provide your broker with an Approval in Principle (AIP) for the amount that you qualify for.
Step 4 – Prepare your documentation
Once you have your AIP you can move to making a full mortgage application. We’ll look for a range of documentation that confirms the things you shared with us at AIP stage – things like your identity, employment and income, savings and other borrowings. Your broker will manage this process for you and let you know everything we’ll need to see. For a list of the documents required, please see below.
Documents you may need to provide
The Application Form
A signed and dated application form
A fully completed Direct Debit Mandate
Identity, Address & PPSN Documents
In all cases you will need to provide proof of identity, proof of address and proof of your PPSN. We will need to see:
Certified photo identification for each applicant
Certified proof of address for each applicant
A marriage certificate for married applicants
Proof of your PPSN number (e.g. payslips / P60 / Medical Card etc)
Employment & Income Documents
If you’re a PAYE employee, we’ll need:
Your most recent P60
Your last 3 consecutive payslips
Signed and stamped salary certificate completed by your employer
A P21 if you’re paid in cash or employed by a family member
If you’re self-employed, we’ll need:
Your most recent Audited / Certified Accounts (last 2 years)
Form 11 (last 2 years)
Chapter 4 (last 2 years)
Most recent 3 months’ personal and business bank statements
Tax clearance certificate for both you and your business
Savings & Borrowings Documents
Statements for any savings accounts you may hold
Your last 3 months consecutive statements for:
Your current account(s)
Last 12 months mortgage statements
Balance of Funds / Donations
Evidence of your balance of funds (deposit) for example, savings statements
If you’re getting a gift of money we’ll need a Donor Declaration form signed and we’ll need to see the last 3 months statements for the account your donor is giving you the funds from
Divorces / Separations
We will need to see a signed Separation Agreement for divorced or separated applicants
Once we have received your application, we will acknowledge receipt within 3 days, confirming whether we have all the documents we will need to progress. From the date of receiving a fully complete application, we give you our underwriting decision within 10 days.
If your application is approved, this is also a good time to choose a solicitor to handle the legal aspects of your mortgage.
Step 5 – Property Valuation
At this point we need to carry out a valuation of your property. This will be completed by a Valuer taken from our approved panel. This valuation will cost between €150 and €300 plus VAT and is payable by you. After we have received and checked the valuation, we’ll issue your formal Letter of Offer.
Step 6 – Signing the Offer
We’ll send a copy of the Offer letter to you and your solicitor. Once you have both reviewed and are happy with the details of the offer, you and your solicitor should sign the contract and return it to us here at Finance Ireland.
Step 7 – Set up your Insurances
Before your mortgage can be completed, you’ll need to show that you have mortgage protection and home insurance in place. If you need to put new policies in place your mortgage broker will be able to advise you on the most appropriate options for you.
Step 8 – Complete your switch
Once all the paperwork and loan offer conditions have been addressed, your funds will issue to your solicitor who will pay off your old mortgage. If you have borrowed any extra funds, your solicitor will transfer these additional funds to you.
Getting the documents that apply to you together in advance will allow your broker put your application together in the shortest possible time. Please note that we may request more information on a case by case basis.