On this week's Ask the Expert, one listener wanted tips for how to get a mortgage as a single person.
The mortgage application process can seem daunting, but it can be even harder to manage as a single person.
On this week's Ask the Expert on The Pat Kenny Show, Mortgage Navigators managing director Margarett Barrett said it can be "quite difficult" for sole applicants to begin their mortgage journey.
"We’ve got one income to assess and the same Central Bank rules apply - so it’s four times an income combined variable and basic pay," Ms Barrett said.
"So, the standard criteria we're looking for is proven repayment ability."
Ms Barrett advises sole applicants to look into the available incentives.
"The Government has two incentives - one is the Help to Buy scheme which is applicable to newly built properties in Ireland up to the purchase price of €500,000," she said.
"They will give 10% towards purchase price to a max of €30,000."
First Home Scheme
The other incentive Ms Barrett recommends single applicants look into is the First Home Scheme.
"[This] can be used in conjunction with the Help to Buy scheme and [it is] applicable again to only new builds currently, or to the property that you’re currently renting," she said.
"[The First Home Scheme] is where the local authority has an equity share of the property but it is categorised on income for assessment."
Houses for sale, AlamyMs Barrett said many sole mortgage applicants are eligible for these schemes, which ultimately makes their mortgage journey "more affordable".
For all applicants, Ms Barrett says it is vital to demonstrate their ability to make mortgage repayments.
"[Lenders] look for an assessment called demonstrated repayment ability - they’re looking over bank statements for the previous six months and they’re looking for the mortgage repayment to be evidenced," she said.
Savings accounts and proof of monthly rent payments can be used to satisfy this assessment, Ms Barrett said.
You can listen back below:
Feature image shows a woman moving into a new home, Alamy
