As a First Time Buyer the maximum a lender can lend is x 4 times your salary. As a Second Time Buyer the maximum is x 3.5 times your salary. In certain cases, a lender will make an exception and allow you to borrow above this amount. This is considered a Central Bank exception.

An Approval in Principle (or Letter of Offer in Principle) is a statement from a lender confirming how much they are willing to lend you based on an initial check of your finances. It typically lasts between 6 months to 12 months, giving you the confidence to bid on properties across Cork knowing your budget is secured.

If you are looking to buy a property in Cork, there are key state-backed schemes designed to help bridge the affordability gap:

• The Help to Buy (HTB) Scheme: Offers a tax rebate of up to €30,000 for first-time buyers purchasing or building a new-build home.

• The First Home Scheme (FHS): A shared equity scheme where the State and participating lenders take a stake in your new home to bridge the gap between your deposit, mortgage, and purchase price.

• The Local Authority Affordable Purchase Scheme: Delivered by Cork City Council and Cork County Council, this scheme allows eligible first-time and “Fresh Start” buyers to purchase new-build homes at a reduced market price. In exchange, the local authority takes an equity stake (percentage share) in the property equal to the discount.

This will be dependent if you are classed as PAYE or Self-Employed.

PAYE

• Salary Certificate
• If you are on a contract a copy of this will be required:
  • 3 months payslips
  • 6 months bank statements for all accounts
  • ID & Proof of Address

Self-Employed

• Accountants letter confirming your tax affairs are up to date
• 2 years Accounts, Chapter 4/Notice of Assessment & Form 11s
• 6 months business account statements
• 6 months personal bank statements for all accounts
• ID & Proof of Address

To qualify for a mortgage there are 4 main things that a lender will look for when assessing an application.

• Secured Income
• Repayment Capacity
• Sufficient Deposit
• Good Credit History

Going directly to a single bank means you only see their rates and products. As an independent Cork mortgage broker, we compare options across multiple major lenders to find the best rate and terms for your specific situation. We handle the paperwork, deal with the underwriters on your behalf, and provide expert guidance from application to keys in hand—all without you ever needing to step foot in a bank branch.