GUIDE & ADVICE

Mortgage Information Ireland

What Have Irish Mortgage Brokers got that others don’t? Why use you instead of somebody else?

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Mortgage Information Ireland
Getting a mortgage

Why Choose Our Mortgage Brokers in Ireland

Well, it’s about more than just ‘getting a mortgage’ when you deal with us. You’ll love working with our team! Our happy employees contribute to happy customers. It’s our positive attitude that makes all the difference.

While no broker has exclusive access to banks, we pride ourselves on our dedicated people. If your mortgage application hits a snag, we’ll go above and beyond to resolve it – we never wash our hands of our clients.

We offer top legal deals, pioneered online mortgage tracking, and have a unique animated website. With access to over 15 lenders, we prioritise our team and our clients. We’re your lifelong advisors, not just a one-time service.

YOUR MORTGAGE JOURNEY

10 Steps on How a Mortgage Works for a Typical Home Buyer in Ireland:

1

Determine Budget & Savings

Assess your savings for the deposit (usually 10-20% of the house price) and factor in additional costs like insurances you’ll need and legal fees. Don’t forget that as a first time buyer there are schemes out there that might assist you with buying a home like ‘Help to buy’ and the ‘first home scheme’.

2

Get Mortgage Approval in Principle (AIP)

Talk to your broker, they’ll guide you through your application which in professional firms is typically done through an online platform. They will gather up your documents and and run calculations to estimate the amount you’ll qualify for and then apply to a lender for an ‘approval in principle’ or ‘AIP’ to understand how much you can borrow. This is a non-binding offer based on your financial situation.

3

Find a Property

Begin searching for a property within your approved mortgage range. While it isn’t strictly necessary to have mortgage approval before a property, most estate agents will demand evidence of the ability to complete a sale in order to take your offer seriously so not having one can reduce your chances of success in going ‘sale agreed’.

4

Make an Offer

Once you find a suitable property, make an offer through the estate agent. This will normally mean you have to pay a booking deposit and let them know who your solicitor is so they can forward contracts to them.

5

Formal Mortgage Application

When your offer is accepted, your broker will submit a formal mortgage application to the bank, providing any further information or documentation required in order to obtain a ‘loan offer’ which is the type of contract you’ll need in order to obtain the loan and draw it down.

6

Valuation & Legal Process

The lender will require a valuation of the property, this is to ensure that the property is worth the amount that is being paid for it and typically the bank will consider the lower of the valuation price or the sale agreed price. Then your solicitor will handle searches and various legal requirements.

7

Mortgage Offer

If the application is approved, you’ll receive a formal mortgage offer with specific terms. This comes with an expiration date (usually 3 to 6 months depending on market conditions).

8

Drawdown

The lender releases the mortgage funds to your solicitor, who then completes the property purchase with the seller.

9

Repayment

You begin monthly mortgage repayments, typically over 20-30 years, including interest. All of this will explained to you several times over before you ever draw the loan down, it is a fairly intensive process, but it is one that your broker is highly experienced at. Our brokers tend to have between 10 and 20 years of experience in this profession and are some of the best experts available in the industry.

10

Ownership

Once the mortgage is fully paid, you own the home outright, this usually takes some time, but the good news is that it almost never takes the full term, so if you take out a 30 year mortgage it wouldn’t be uncommon to see that loan paid off in something like 26 years (for instance).

Frequently Asked Questions (FAQ)

How does the mortgage process work in Ireland?

The mortgage process in Ireland typically follows 10 steps: assess your budget and savings, obtain Approval in Principle (AIP) from a lender, find a property, make an offer through an estate agent, submit a formal mortgage application, go through valuation and legal checks, receive a formal mortgage offer, draw down the funds, begin monthly repayments, and eventually own the home outright once the mortgage is fully repaid.

What is Approval in Principle (AIP) and why do I need it?

Approval in Principle is a non-binding indication from a lender confirming how much you may be eligible to borrow, based on your financial situation. While it is not strictly required before house-hunting, most estate agents will expect evidence of AIP before accepting an offer — without one, your chances of going sale-agreed are significantly reduced.

How long does a formal mortgage offer last?

Once your formal mortgage application is approved, the lender issues a mortgage offer with specific terms. This offer typically has an expiration date of 3 to 6 months, depending on market conditions. We will guide you on timing to ensure you draw down within the validity window.

What happens at drawdown?

Drawdown is the point at which the lender releases the mortgage funds to your solicitor, who then completes the property purchase with the seller. After drawdown, you officially become the owner and your monthly repayments begin.

Can I switch my mortgage from a different lender?

Yes. Switching mortgage providers is a common way to secure a lower interest rate or better terms. Irish Mortgage Brokers can review your current deal, compare offers from multiple lenders, handle the paperwork, and ensure the transition happens smoothly with no disruption to your payments. we will also advise on the best timing and explain any costs involved.

Why should I use a mortgage broker instead of going directly to a bank?`

A mortgage broker works with multiple lenders — Irish Mortgage Brokers has access to over 15 — rather than being limited to a single bank’s products. This means you get access to the widest range of mortgage options and competitive rates. Brokers also handle paperwork, negotiate on your behalf, and provide independent advice tailored to your circumstances. All staff at Irish Mortgage Brokers hold professional qualifications (Mortgage Diploma, Certified Chartered Accountant, or Qualified Financial Advisor Diploma).

Can I track my mortgage application online?

Yes. Irish Mortgage Brokers pioneered online mortgage tracking in Ireland. Our online platform gives you 24/7 access to your application, allowing you to see exactly the same information your consultant sees — at any time, day or night. Documents, status updates, and communications are all managed through the platform.