MASTERING YOUR MORTGAGE WITH DROGHEDA CREDIT UNION

At the beginning, it’s difficult to know just where to start with it all. Mastering your mortgage is something most people wouldn’t even try to contemplate in the early stages of the process, but we want to change that!

Drogheda Credit Union’s Mortgage Expert, Mark Smith, has put together a guide to mastering your mortgage, an essential checklist to help you become mortgage ready, and have you in your dream home much sooner than you think!

A GUIDE TO MASTERING YOUR MORTGAGE:

1. Identify how much of a mortgage you are eligible to borrow - It’s important to know the figure you can borrow at an early stage to ensure you don’t get your hopes up when looking at houses. Drogheda Credit Union can help you to calculate this figure easily using their mortgage enquiry form, which is available on www.droghedacu.ie

2.Speak to a dedicated Mortgage Advisor - Be practical, talk to a financial provider such as Drogheda Credit Union who can advise you about what is the best course of action for you to take on your mortgage journey. There is a lot of criteria to meet when it comes to getting a mortgage so having a good handle on this early on really helps speed up the process.

3.Start Saving - It’s a must when it comes to starting your mortgage journey. Start saving as early as possible and establish regular monthly savings for a period of at least 6 months. It’s important to demonstrate your repayment capacity and helps accumulate funds towards your deposit.

4.Prepare the Paperwork – It helps if you organise the paperwork required before applying for your mortgage. Many lenders like Drogheda Credit Union can provide you with a mortgage checklist and take you through the various documents that will be required.

5.Factor in Extra Costs – When buying a property there are always additional fees that first time buyers don’t factor into their home costs. Valuation fee, stamp duty, home insurance, estate agents fees, legal fees, property taxare all ones to be aware of when totting up your figures.

If you already have your Mortgage but considering a switch, then Drogheda Credit Union should be on your list. As interest rates continue to rise across the banking sector, it’s important to remember that Drogheda Credit Union is not linked to the ECB, which means that that no sudden rate increases will apply.

*Loans are subject to approval. Terms and Conditions apply.

Warning: if you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future. Warning: If you do not keep up repayments, you may lose your home.