This is a document which is valid for 6 months indicating the amount a lender will allow you borrow. This document allows you to house hunt. This document can be extended for a further 6 months if required.

A Building Energy Rating or BER is an energy indication of how energy efficient your home is. The rating is an A to G scale. “A” rated homes are the most energy efficient and once your property is a B3 or higher you are eligible to “Green” rate mortgage options.

A qualified financial advisor offering advice on mortgages with access to different lenders, comparing the market and working directly with the bank on your behalf.

This is the amount that is required to be given to the bank as the initial sum. A first time and second time buyer will require a 10% deposit.

With a fixed interest rate mortgage your interest rate and monthly repayments are fixed for that timeframe. Your repayments cannot change during this time.

With a variable interest rate mortgage, if the interest rates drop so do your mortgage repayments. Your repayments can change from month to month.

Once you have found a house and your mortgage application has been approved, you will receive a loan offer pack. This letter outlines the conditions of the loan. Your solicitor will also receive a copy.

This is the amount you can borrow based on your earnings. First time buyers can borrow up to four times their income. Second time buyers can borrow up to three and a half times their income. Additional income can also be factored in e.g., guaranteed shift and car allowance.

This is a percentage which indicates the difference between your mortgage loan and the value of your property. As a first-time and second time buyer you can borrow up to 90% of the value of the home.

You are required to have mortgage protection in place in order to draw down your mortgage. Mortgage protection is life cover which will repay your loan if you die.

You are required to have home insurance in place in order to draw down your mortgage. Home insurance is property insurance which covers buildings and contents.

This is the length of time you can have your mortgage. The max mortgage term is 35 years and can run up to the age of 70, once you are paying into a pension.

Your property must be valued by an approved valuator to indicate the value of the home. This appointed valuator will send a valuation report to the bank. This report indicates details about the home e.g., reinstatement value, and current market value.

Most lenders will require you to show 100% PRA over the last 6 months. This is to prove you are in the position to make your new mortgage repayments. Rental payments, mortgage repayments and savings are factored into this.