YOUR MORTGAGE DEPOSIT is ready to go, you’ve put a little extra aside for solicitor fees and so on, and you’ve even started researching house prices and neighbourhoods.

Your vision of that forever home is starting to become a little clearer, but there’s still one final stage of the journey to go before you can start the house hunt for real: applying for a mortgage, and getting approved.

So how close are you to the end of the journey, and how much do you know about the steps involved?

Use the sliders below to build a picture of your mortgage application know-how, see how you compare to others, and get some expert insights along the way. Each time you give a rating, you’ll see how your number matches the overall reader average. Let’s start at the beginning…

1. Application to approval – how much do you know?

Already know what’s involved? Well done! If you’re not so sure, here’s a run-through of each step from Ciara Ryan, a Mortgage Consultant with permanent tsb…

• Speak to a Mortgage Consultant: So you have a deposit saved – congrats! At this stage, it can be helpful to set up an initial meeting, to get a clearer view of exactly how much you could borrow. “We can help you to work out the figures, factoring in your salary and your outgoings,” says Ciara. (If you don’t quite have that deposit saved yet, permanent tsb’s Online Mortgage Calculator is a handy tool for figuring out where you need to get to.)
• Start to gather documentation: You should allow yourself 1-2 weeks to get everything together, from bank statements to recent payslips. See the full list of what’s needed here.
• Check and submit your application: Now’s the time to look over everything and be certain you have what you need. “At this point, your mortgage consultant and you are working as a team… to complete your application and get it submitted,” says Ciara.
• Decision time: And now, you wait – but usually not for long, if all of your documentation is in order. “With permanent tsb, we can come back to you within 72 hours on a mortgage credit approval decision, so it’s worth getting the documents right first time,” says Ciara.

So you have a basic overview of the steps, but let’s take a look at the nitty-gritty – all that paperwork.

2. Have you gathered your paperwork?

By the way, here’s a basic checklist of what you’ll need as a PAYE employee applying for a mortgage. Find more information on permanent tsb’s blog here, and again, find the full list of required documents here. Depending on your employment type or mortgage application type there may be some extra documents required, but your Mortgage Consultant will take you through all of this in your initial chat.

• Signed and stamped salary certificate
• Your Employment Detail Summary (P60)
• Two of your last three payslips
• Your personal bank account statements for the last six months
• Photo ID
• Proof of address
• Proof of PPSN

So you’ve gathered all you need, but is it application-ready?

3. Have you double checked everything?

Definitely the diligent type? Excellent news. If you’re not so confident about your ability to make a list and check it twice, here are some handy pointers from Ciara…

• Don’t forget the signatures: One of the most common mistakes applicants make? Forgetting to sign the application forms, says Ciara. “This can prevent us from submitting your information to get a decision.”
• Make sure the figures match: If you’re stating your salary or your monthly savings on your application form, for example, this should match up with what your payslips and statements show. “People can sometimes round up,” notes Ciara. “Get familiar with your financials and if you aren’t sure, just ask your Mortgage Consultant.”
• Double check everything: Just one missing document or forgotten form can slow down the mortgage credit approval process, so be as diligent as you can. ”Make sure to dot all your i’s and cross all your t’s,” says Ciara. 

Now that everything is well and truly ready to go, it’s time to submit that application.

4. Decision time! How are you feeling?

It’s worth knowing the common lending criteria ahead of time, so that you can keep them in mind when prepping your application. For starters, a bank will likely want to see that you have…

• A good credit history (meeting repayments on loans, not missing any Direct Debit payments and so on)
• Ability to repay (proof of your repayment ability through regular savings or paying rent on time every month)
• Secure employment and income
• Continuous employment for a minimum of six months
• A good savings history
• Good bank account management (having enough in your account to cover any outgoings each month)

You’ll find more pointers on permanent tsb’s blog here.

72 hours starts once your application is completed and submitted for credit assessment during business hours. Excludes weekends. If any documentation is missing or additional information is required to reach a credit decision, we will notify you which may impact the decision time. Calculator results do not constitute an offer of a mortgage loan, nor is it legally binding and is for illustrative purposes only. Product eligibility criteria applies. Lending criteria, terms and conditions apply. Security and Insurance required. permanent tsb p.l.c is regulated by the Central Bank of Ireland.

Start your journey home with permanent tsb. We know that buying your first place is a big decision, and we’re here to support you every step of the way. Head over to our website today to find out more, or book a mortgage appointment.