Applying for a mortgage is a major milestone whether you’re buying your first home, moving up the ladder, or switching lenders to get a better deal. But it’s also a process filled with rules, options, and financial implications that can be overwhelming without the right guidance.
That’s why speaking to a qualified best mortgage advisor early in your journey is one of the smartest steps you can take. However, not all advice is created equal. The quality of the advice you receive and your ability to act confidently depends largely on the questions you ask.
Here are 10 essential questions to ask your mortgage advisor before you apply for a mortgage in Ireland.
- What mortgage options are available to me based on my situation?
Your advisor should assess your full financial profile income, employment type, savings, debts, credit history, and goals and clearly explain your mortgage options. This might include:
- Fixed vs variable rates
- Term lengths (20–35 years)
- Cashback incentives
- Tracker or green mortgages (where available)
A good advisor will tailor their recommendations to your needs rather than suggesting a one-size-fits-all solution.
- How much can I borrow and how is that calculated?
Most lenders in Ireland follow the Central Bank’s lending rules:
- Loan-to-income (LTI) cap: Typically 4x your gross income (or 3.5x for some non-first-time buyers)
- Loan-to-value (LTV) cap: Usually 90% for first-time buyers, and lower for investment properties
Ask your advisor to walk you through the calculations, and whether you might qualify for an exception to the rules, especially if your income is strong or your financial profile is stable.
- What deposit do I need and what sources are acceptable?
The required deposit is usually a minimum of 10%. But not all deposit sources are viewed equally by lenders. Clarify whether your deposit includes:
- Personal savings
- Gifted funds from family
- Government schemes (e.g. Help to Buy or First Home Scheme)
- Inheritance or investment liquidation
Understanding what’s acceptable helps avoid delays or rejections later in the process.
- Which lenders do you work with and are you tied to any specific provider?
Some mortgage advisors in Ireland are impartial, while others may be tied agents who only work with one or a limited panel of lenders. It’s important to know whether your advisor is offering truly market-wide recommendations or only promoting certain products.
Impartial brokers generally have more flexibility and may offer better value by comparing rates across multiple lenders.
- What are the current mortgage interest rates and what’s trending?
Interest rates in Ireland have changed significantly in recent years due to economic pressures and ECB decisions. Ask your advisor:
- What are the current fixed and variable rates?
- Are rates expected to rise or fall?
- Should I lock in a rate now or wait?
A good advisor will help you weigh stability versus flexibility, and tailor the term length of a fixed-rate product to suit your financial plans.
- What government schemes am I eligible for?
First-time buyers may be eligible for:
- The Help to Buy (HTB) scheme (offering up to €30,000 in tax rebates toward a new-build deposit)
- The First Home Scheme (FHS) (a shared equity scheme for newly built homes)
- Local authority schemes or affordable housing initiatives
Your advisor should help assess your eligibility, guide you through the application process, and explain how these supports can be used in conjunction with your mortgage.
- What costs should I expect beyond the mortgage itself?
Many buyers overlook the additional costs involved in purchasing property, which may include:
- Legal fees (€1,200–€2,000+)
- Valuation and survey fees
- Stamp duty (1% of purchase price up to €1 million)
- Mortgage protection and home insurance
- Broker or advisor fees (if applicable)
Ask your advisor for a full breakdown so you can budget accurately and avoid surprises.
- What documents will I need and how can I prepare them in advance?
Most mortgage applications require:
- 6 months of payslips and bank statements
- A credit report (ICB or CCR)
- Proof of savings or rent payments
- Tax documents (especially if self-employed)
Your advisor should provide a checklist and help you compile documents in a lender-friendly format to reduce the risk of delays or rejections.
- What is the timeline from application to drawdown?
The mortgage process in Ireland can take 8–12 weeks or longer, depending on your situation and market conditions. Your advisor should outline:
- How long it will take to get approval in principle (AIP)
- The average turnaround times for your chosen lender
- How to sync mortgage approval with your solicitor, valuation, and closing process
This helps you manage expectations and plan ahead especially if you’re buying and selling at the same time.
- Will you help me with switching or refinancing in the future?
Ask whether your mortgage advisor will stay with you beyond this mortgage application. Some offer ongoing reviews, switching advice, or alerts when a better deal becomes available.
This long-term support can lead to major savings down the line especially as interest rates and your financial needs change.
Conclusion
A mortgage advisor can be a powerful ally on your property journey but only if they understand your needs and provide clear, unbiased advice. By asking the right questions upfront, you’ll not only find the best mortgage for your situation but also avoid delays, hidden costs, and unnecessary stress.
Here’s a quick summary of what to ask your mortgage advisor before you apply:
1. What mortgage options are available for me?
2. How much can I borrow, and why?
3. What deposit is required and accepted?
4. Which lenders do you work with?
5. What are the current interest rates?
6. Do I qualify for any government schemes?
7. What are the full costs involved?
8. What documents will I need?
9..How long does the process take?
10. Will you support me in the future?
With the right guidance, your mortgage journey can be not only manageable but empowering.
