Why you should use a mortgage broker like bonkers.ie

OVERVIEW

Using a broker simplifies the mortgage process and helps you secure the best possible outcome.

• Getting "Mortgage Ready": Advisors help you organise savings evidence and spending patterns to ensure your application is in the best shape before submission.
• Increased Approval Chances: We know which of the Irish lenders are most likely to approve your application based on your specific profile (e.g., self-employed or new to Ireland).
• Lower Rates: We have access to multiple lenders and help you find the cheapest rate, which can save you thousands of euro over the term of the mortgage.
• Bigger Mortgages: We identify lenders who are more flexible with including bonuses or commission in your "allowable income" to increase your borrowing power.
• Exemption Expertise: We know which lenders have the capacity to grant exemptions to the standard income limits.
• End-to-End Support: We offer assistance with arranging mandatory mortgage protection and home insurance, as well as coordinating with solicitors.
• Free & Digital: Our service is free to the user and can be managed entirely online from home.

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Buying a home is one of the most exciting milestones of your life. However, we know that navigating the mortgage world can feel a bit daunting, especially if it’s your first time around.

The good news? With the right team in your corner, getting a mortgage doesn’t have to be complicated. Using a broker takes the stress out of the equation and can help you secure the best result. 

Whether you’re a first-time buyer or looking to switch to a better rate, here are six great reasons to let a broker like bonkers.ie do the heavy lifting for you.

1. We help you get mortgage ready

Applying for a mortgage requires a little bit of strategic planning. Banks love to see a steady savings track record and good spending habits in the months leading up to your application. 

Generally, you'll need to show six  months of bank statements, proof of your deposit and your income, and have at least six months under your belt at your current job.

If that sounds like a lot of paperwork, don't worry — it’s much easier than people think. It’s simply a matter of getting your ducks in a row so you can avoid a refusal. 

When you use bonkers.ie, our advisors will walk you through every form and requirement. We review everything together so that when your application is submitted, it’s in the best possible shape to get a 'yes'.

2. We boost your chances of getting approved

Did you know there are currently ten different mortgage lenders in Ireland? That means you have far more options than you might realise, and every single lender judges applications a bit differently.

Some lenders are highly understanding if you missed a bill payment in the past. Others specialise in applicants who are self-employed or completely new to Ireland. There are also lenders who are a bit more cautious about financing apartments in certain areas. Once we help you get mortgage-ready, we will match you with the exact lender most likely to approve your application based on your unique life situation. This saves you a massive headache.

3. We can help you find the best mortgage rate.

There’s a big variety of mortgage rates to choose from. 

You’ll run into fixed rates, variable rates, and special "green" rates for energy-efficient homes. Some banks will even throw in cashback deals to sweeten the pot.

Because the rates lenders charge vary so much, there can be a difference of over a full percentage point between the cheapest and dearest rate for the exact same borrower. On a standard €300,000 mortgage over 30 years, that tiny percentage gap translates to a difference of about €170 a month. Over the lifetime of your loan, that adds up to thousands of euro back in your pocket. 

At bonkers.ie, we partner with the country’s top lenders to ensure you lock in the lowest rate possible.

4. We can help you get a bigger mortgage

To keep the housing market stable, the Central Bank sets strict rules on how much banks can lend you. This is known as the loan-to-income (LTI) rule. As a general rule of thumb, first-time buyers can borrow up to 4 times their "allowable" gross income, while second-time buyers can borrow up to 3.5 times.

But here is something many people don't know: lenders calculate "allowable income" differently. If you earn money through bonuses, commission, or social welfare payments, some banks will count it, and some won't. By looking at your specific income stream, we can steer you toward the specific lender that will maximise your borrowing power and offer you a larger loan.

5. We can help you get a mortgage exemption

Every year, the Central Bank allows lenders to bypass the standard income limits for up to 15% of their mortgages. These are called mortgage exemptions, and they can boost your borrowing power up to 5 times your income. With property prices on the rise, an exemption is often the secret weapon needed to buy a home in Ireland's major towns and cities.

Qualifying for an exemption depends on your earnings, the strength of your application, and whether the bank has any exemption capacity left for the year. We know exactly which lenders have the flexibility to grant these exemptions at any given moment. Plus, some lenders only hand out exemptions for applications submitted through a broker.

6. We can help you get the keys to your new home

Getting your official mortgage approval is a massive win, but it isn't the final step. To actually get the keys to your new home, you’re legally required to set up mortgage protection (a form of life insurance) and home insurance. You will also need to hire a solicitor to handle the legal transfer of the property into your name..

When you work with bonkers.ie, you don't have to source these on your own. We handle the insurance setups and help coordinate with legal professionals as part of our all-in-one broker service.

Let us be your guide

Think of a mortgage broker as your personal guide through a complex financial maze. Instead of wasting time balancing multiple bank appointments, bonkers.ie focuses only on the options that will truly work for you.

Best of all? Our service is 100% free and fully digital. You can manage your entire application from the comfort of your couch. And if you ever need a human touch or a quick answer, our expert team is always just a friendly phone call away.