Let’s Talk About Mortgages

1. Current Housing Market

• House prices increased about 7% last year.
• Supply remains low, making it challenging for buyers.
• Preparation and decisiveness are crucial in the bidding process.
• Buyers should:
  • Read property details carefully (not rely on photos alone).
  • Be honest with estate agents if genuinely interested.
  • Avoid very low opening bids, as they can spark unnecessary bidding wars.
  • Make strong, decisive offers to avoid drawn-out competition.

2. Starting the Mortgage Process

• You don’t need to be a member to start the process, but opening an account and showing clean saving behaviour helps.
• Loans can be approved quickly (sometimes 2–3 weeks).
• The credit union considers the human story behind applications, not just numbers.
• Repayment capacity is the main factor they care about.
• Rent payments are considered as proof of repayment ability.

3. Self-Employed Applicants

• CT1 returns and income tax assessments are reviewed.
• Bank statements are important – income should be shown clearly through the account.
• Advisable to keep accounts clean and transparent to avoid delays.

4. Advice from the Solicitor

• Be prepared early:
  • Have documents ready
  • Sort approval in principle
  • Appoint a solicitor early
• Property purchases are major and stressful, but proper preparation helps make it smooth.

5. Preparing Your Finances

• Try to clear small loans before applying for a mortgage (car loans, small personal loans).
• Having multiple small loans can reduce the amount you’re approved for.
• This creates room for future needs like home improvement loans.

6. Auctioneer Support for Buyers

• Rory Fenelon is open to advising buyers as well as sellers.
• Smaller, independent auctioneers tend to be more personal and supportive.
• Buyers are welcome to call for advice even if the property is not listed with him.