Second Time Buyer
We are seeing far more people now looking for a new home while in the process of selling their present home, however, it is important to remember that your mortgage offer will usually be dependent (conditional) on you COMPLETING the sale of your own home before funds are released to purchase your new home.
What you need to know about Second Time Buyer Mortgages:
Maximum Loan to Values – 80% – (LTV exceptions are limited and availability can be checked at the time of application)
Maximum mortgage is based on 3.5 x joint or single income. (Loan to Income exceptions are limited and availability can be checked at the time of application)
It is not possible to avail of both a Loan to Income and Loan to Value exception with a Lender
Maximum Term -up to age 70 yrs depending on lender and or pension provision
Most lenders looking for Minimum 1 year employment history or start of 2nd year contract (if contract of indefinite duration or rolling annual or bi-annual contract). Some lenders will accept 6months+ employment history if your probationary period has been completed.
If you are Self-employed , 2-3 years (depending on the lender) accounts are required, plus confirmation that your Tax Affairs are up to date together with a copy of your Tax Clearance Cert, Form 11 & Chapter 4’s.
Minimum property values apply for some lenders and other Lenders can be geographically sensitive. We will advise you of these details prior to formal application
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