What you need when applying for a mortgage

Before applying for a mortgage, one should be sure they have all the necessary documentation. Typically, if one goes through a broker or chooses to go directly to a lender/bank, guidance will be provided on all the necessary paperwork and how to complete it. However, it can save applicants valuable time to try and get pre-approved by either lenders or brokers. In this case, they would likely need to take some initiative.

Documents required for approval and preapproval can vary depending upon the borrower and lender.

All borrowers will likely need:

  • Proof of ID
  • Proof of Address
  • Personal Public Service Number
  • Proof of Income
  • Financial Statements

Proof of identity can include things like a valid Irish driver’s license or passport. For proof of address, one might consider a utility bill, a tenancy or lease agreement, or government-issued documents that include said address.

Personal Public Service Numbers (PPSN) are issued by the Department of Social Protection (DSP). Non-residents can obtain a PPSN by applying for one with the DSP. Such an applicant will also need to provide proof of identity and address, in addition to acceptable evidence of why they need a PPSN.

Those remortgaging or switching may additionally need to show statements of their mortgage/loans.

Additional information may need to be provided dependent upon one’s current employment. Company directors or those who are self-employed might be asked for bank statements, account audits, revenue forms, and an auditor’s confirmation that tax affairs are in order.

Pay As You Earn (PAYE) applicants may also be asked to provide a Certificate of Income, to be filled out by one’s employer.

It is important to remember that some lenders/brokers may request more or less documentation than others for approval/preapproval. For example, KBC Bank Ireland mentions on its website that they require credit card statements. For lender-specific requirements, borrowers should consider looking at their official websites for more information, or otherwise consulting a broker. Reputable brokers will have preestablished relationships financial institutions, so borrowers can trust them to have additional knowledge on what particular lenders will ask for.

In sum, the documents required when applying for a mortgage loan are broadly consistent, with some room for variation. Different lenders/financial institutions may ask for additional documents. The individual circumstances of the borrower might also lead to more or less being requested. If applicants have any additional questions or uncertainties, they should consider approaching lenders or brokers directly.

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