Mortgage approval in Ireland: from application to getting your keys

Mortgage paperwork can feel like a language of its own. Here’s what the stages mean, what your lender may ask for and what usually happens between your first application and getting the keys.

The short version: Approval in Principle (AIP) helps you understand what a lender may be prepared to lend. It is not a final mortgage offer. Once you have a property agreed, the lender completes further checks. If everything is satisfactory, it issues a formal Letter of Offer. Your solicitor then helps get the purchase ready for closing and mortgage drawdown.

1. Get your finances and paperwork ready

Before applying, take a look at your income, regular spending, savings and any loans or credit commitments. Work out a comfortable monthly repayment rather than simply aiming for the biggest mortgage available.

Lenders commonly ask for proof of identity and address, PPS number, payslips, employment details, Revenue documents or accounts if self-employed, and current-account, savings and loan statements. The exact checklist varies by lender and by your circumstances.

It can help to request your own Central Credit Register report and check that the information is accurate. Keep paying bills and existing credit commitments on time, and avoid taking on new borrowing without discussing it with your lender or broker.

2. Apply for Approval in Principle (AIP)

AIP is an initial indication of how much a lender may be willing to lend based on the information available at that stage. It helps you set a realistic property budget and can be useful when speaking to estate agents.

AIP is not a guarantee. The lender has not yet completed every check or approved a specific property. It may be conditional, and it usually has an expiry date. Check the date and ask your lender what happens if you need an extension.

3. Understand what the lender assesses

Your lender will look at more than your salary. It will consider your income and how reliable it is, regular outgoings, existing debts, savings pattern, deposit source, credit history and whether the proposed repayments appear affordable. It may ask questions about unusual transactions or commitments.

Central Bank mortgage measures set standard limits for deposits and borrowing, but meeting those limits does not mean you automatically qualify. Lenders must assess each application on its own merits and may apply their own affordability criteria. Read the Central Bank mortgage measures.

4. Find a property and go sale agreed

When your offer is accepted, the property is usually described as “sale agreed”. This is an important step, but it is not normally legally binding until contracts have been signed by both sides. The estate agent may ask you for a booking or holding deposit. Ask for a receipt and make sure you understand the refund conditions.

Keep your lender, broker (if you use one) and solicitor updated. Tell them if the purchase price, property, employment or your financial circumstances change.

5. The lender carries out property and final checks

Your lender will generally require an independent valuation of the property. This is for the lender’s purposes and is not the same as a detailed structural survey for your own benefit. Consider arranging an independent survey as well, especially for an older property or if you have concerns.

The lender will also review your up-to-date financial information and check that any conditions have been met. Your solicitor carries out legal checks on the title and the property paperwork. For a new build, ask what certificates, warranties and completion information will be provided, and arrange your snagging inspection.

6. Receive and read your Letter of Offer

If the lender is satisfied, it issues a formal Letter of Offer. This sets out the approved loan amount, interest rate and type, term, repayment details, property and any conditions that must be met before funds can be released.

Read it carefully. Check that the figures match what you expected and ask your lender, broker or solicitor to explain anything you do not understand. Pay particular attention to the expiry date and any special conditions. A Letter of Offer is a major milestone, but the remaining conditions still need to be completed before drawdown.

7. Contracts, insurance and getting ready for drawdown

Your solicitor reviews the contracts and explains the legal commitments before you sign. Once both sides have signed and contracts are exchanged, the purchase becomes legally binding. Make sure you understand the deadlines and the funds your solicitor needs from you.

Before drawdown, your lender will normally require suitable home insurance and mortgage protection (subject to any applicable exemption). Your solicitor will confirm the legal requirements are satisfied and will request the mortgage funds when the transaction is ready to close. Arrange cover to start at the appropriate time, and follow your lender and solicitor’s instructions.

8. Mortgage drawdown and closing day

Drawdown is when the lender releases the mortgage money, usually to your solicitor. Your solicitor combines it with the funds you are providing and transfers the purchase money to the seller’s solicitor. Once the legal closing is complete, the estate agent can release the keys.

Keep in touch with your solicitor and lender in the run-up to closing. If a document, insurance certificate or payment is missing, it can delay the release of funds and the handover of the property.

Common things that can cause delays

Bank statements or income documents are missing or out of date.
You take out a car loan, personal loan or new credit facility during the process without checking with your lender.
Your employment or income changes and the lender needs to reassess the application.
The valuation, survey or legal title checks raise questions that need to be resolved.
Insurance is not arranged in the format or by the date required by the lender.
Funds for the balance, stamp duty or closing costs are not available when the solicitor needs them.

Your mortgage progress checklist

☐ Review your budget, deposit and other buying costs.
☐ Gather identity, income, savings and bank documents.
☐ Apply for AIP and note its expiry date.
☐ Keep your finances steady and tell your lender about material changes.
☐ Appoint a solicitor and provide the details requested.
☐ After sale agreed, arrange the lender’s valuation and consider an independent survey.
☐ Read the Letter of Offer and satisfy its conditions.
☐ Arrange mortgage protection and home insurance as required.
☐ Confirm with your solicitor when to transfer your remaining funds.
☐ Stay in contact until drawdown and closing are complete.

Useful next steps

Use the HomeReady mortgage calculator to estimate repayments, read our guide to the costs of buying a house, and follow our first-home buying guide.

Official information and further reading

HomeReady provides general information, not personal mortgage, legal or financial advice. Lender requirements and individual circumstances vary. Always confirm current requirements directly with your lender, broker and solicitor. Content checked November 2026.