29 June 2023
Securing a Connect CU Mortgage
Before you commence looking at properties which you may be interested in, you may wish to start applying to lenders to try to get ‘Approval in Principle’. This will give you a clear view of the amount which you may be eligible to borrow. Mortgage approval in principle will enable you to narrow down your property search within your budget. It may also be an advantage to have this when it comes to making an offer on a property as sellers are more likely to accept an offer if they know you have mortgage approval.
The size of mortgage you get, will be determined by affordability. At Connect Credit Union we adhere to the Central Bank mortgage measures regarding loan to income (LTI) and loan to value (LTV) limits.
When assessing a mortgage application, Connect CU will examine a range of factors including your income, employment status, outstanding loans, outgoings, savings and money management, your credit history and how much you’re looking to borrow. The Competition and Consumer Protection Commission (CCPC) provide detailed information on the factors which may be considered when applying for a mortgage.
While there are rules and guidelines in relation to mortgage lending, all too often there are circumstances pertaining to an individual mortgage application which aren’t black and white. Perhaps someone has changed job recently? Perhaps an applicant experienced a dip in their income due an unforeseeable event?
When you apply to Connect Credit Union for a mortgage, our dedicated Mortgage officer Aoiffe will take the time to listen to you and understand your unique circumstances. She will support you at every stage of the mortgage process and help you towards getting a positive outcome. You can find out more about Why to Choose a Connect Credit Union Mortgage