Colin Rockett (LIB QFA)

Buying a home is one of the most exciting and emotional decisions many people will ever make.

In a market where good properties attract multiple bidders, having your mortgage pre‑approval in place is often the difference between securing the home you want and watching it go to someone else. Getting prepared early, with clear approval from a lender, gives you a genuine edge.

Why pre‑approval matters

In a competitive market, several buyers can be interested in the same property at the same time.

Estate agents and sellers tend to favour buyers who already have Approval in Principle (AIP) because it shows their financing has been assessed, and they are ready to move quickly once a sale is agreed. Many agents will not seriously consider an offer or will rank it behind others without seeing that approval letter.

We recommend clients seek maximum loan approval at the outset. You can always decide to borrow less later without needing new documents or a fresh underwriting decision, but increasing your approval even by a small amount will usually require additional paperwork and can add a week or two to the timeline. In a busy market, that delay can be enough to miss out on a property.

What your mortgage broker needs for pre‑approval

Before we can approach lenders for pre‑approval, we build a clear picture of your finances. That typically includes:

Confirmation of all household income and fixed outgoings.

An approximate view of repayment capacity, based on a combination of:

- Current rent.

- Regular savings.

- Current account build‑up.

- Monthly investments.

- Additional voluntary pension contributions.

- Any loans that could be cleared before drawdown.

The total deposit available, from sources such as:

- Savings.

- Gifts.

- Release of equity.

- Sale of shares.

- Government schemes and grants like Help to Buy and the First Home Scheme (for first‑time buyers purchasing new‑builds).

With these details, we can assess your maximum borrowing capacity across all available lenders and translate that into a realistic property budget. From there, you can focus your search on homes that match your price range and set up alerts on sites like MyHome.ie and Daft.ie for the areas you are considering.

Approval in Principle: do it before you view

At Irish Mortgage Corporation, we strongly recommend obtaining a fully underwritten Approval in Principle before you start viewing properties.

AIP means a lender has reviewed your documents, assessed your income, deposit and repayment capacity, and issued a provisional approval subject to finding a suitable property.

In practice:

It gives you confidence about what you can afford.

It lets you narrow your search to a clear price band.

It makes your bids more credible with estate agents.

In fact, most agents will look for proof of AIP before they accept a bid or take it seriously. Having that approval in place can put you ahead of other potential buyers who are still at the “early enquiry” stage.

Documents typically required

For most PAYE applicants, lenders will look for:

3 months’ recent payslips.

Your Employment Detail Summary (EDS) from Revenue.

A completed salary certificate – we provide a template accepted by all major lenders.

6 months’ bank statements for all relevant accounts (current, savings, Revolut, etc.).

Photo ID (passport or driving licence).

Depending on your situation, additional documents may be needed. For example, if you are self‑employed or have significant bonus/commission income. But we will guide you through the specifics.

Tips to improve your chances of approval

A strong application is about more than just income. Lenders look closely at your recent financial behaviour, so a few simple steps can make a meaningful difference:

Avoid new loans or credit applications in the run‑up to your mortgage application. Extra borrowing reduces your available repayment capacity.

Keep gambling transactions to a minimum, or avoid them entirely. Regular or high‑value gambling activity can be a red flag for some lenders.

Maintain consistent savings. You do not have to use a separate account, but it is often easier to demonstrate repayment capacity if you have a set monthly direct debit or standing order moving money into savings. That pattern shows discipline and mirrors the kind of regular payment you will make on a mortgage.

The goal is to present a clear, steady picture: income coming in, day‑to‑day spending under control and a consistent surplus being saved each month.

Where to start

The best way to begin is with a conversation.

At Irish Mortgage Corporation, we do not charge fees for appointments or applications. We offer a completely fee‑free service from first discussion to mortgage drawdown.

We will:

Talk through your goals and preferred locations.

Help you understand your maximum potential budget.

Compile and review your documents.

Submit your case for maximum loan approval across suitable lenders.

By securing strong pre‑approval early, you are better positioned than other bidders who are still “thinking about applying”. When the right property comes up, you will be ready with your financing in place and a clear sense of how far you can go.