What the bank/building society looks for when assessing your credit.
Lenders will require proof of income and bank statements for the last six months. If you are self-employed they will require a letter from your accountant and/or accounts.
They will assess your credit rating by seeking a report from the Irish Credit Bureau.
It's a good idea to check your credit rating before they do. You have the right to the information and can apply for your credit report here
They will want to see a good credit history with no record of previous arrears or defaults on personal loans or court judgments against you.
Large credit card balances will work against you
The bank will look for a good record of savings and a good rental record.
If you run an overdraft it will want to see it move regularly into the black.
It will also want to see a minimum of personal loans – ie you are not over-exposed to loans if you run into financial difficulty.
If you have a record of saving this will stand to you. Avoid on-line gambling at all costs – so if you had phone or online account, stop using it.
It’s no harm to live frugally in the six months before applying for loan approval.
Lenders will look at your employment record over the last three years – it will focus on basic income as opposed to income including bonuses and commissions.
Contract employees will find it difficult to get mortgages
