Talking Property: Getting a mortgage is no different to buying a car. You just need to put the same amount of time and research in to it, says Catherine O'Gorman

Like anything in life, the more prepared you are the less likely you are to fail and, as the saying goes "fail to prepare, prepare to fail".

Getting a mortgage is just another task; think about it, if you were buying a car or a new television you would know what model you want, where to get the best value and how you could get it as soon as possible. Well, getting a mortgage is no different.

So where do you start? Best advice: grab a cup of coffee and a blank sheet of paper. Begin by seeing what you can actually afford; carry out an assessment of your monthly income versus your monthly out-goings and, if you spend €100 on clothes a month, account for it! As the saying goes, "you need to cut your cloth to meet your measure", and that means knowing your financial limitations. Familiarise yourself with what mortgages are on offer in the market place - exploit the internet, it's a mine of information.

Compare the interest rates being offered by all the institutions and contrast. The easiest way to understand interest rates is to look at the "cost per thousand". This will give you a truer illustration of how choosing one interest rate over another will impact on your pocket each month.

For example, if your mortgage is going to be €100,000 and the cost per thousand is €5.69, then your monthly mortgage repayment will be €569. But don't just focus on the first six-to-12-month interest rates. Some institutions will give you a good discount rate for this period but you could end up paying a higher variable interest rate after this time. Assess the total cost of the mortgage over its lifetime for each institution to show you the true cost of the mortgage - there could be a substantial difference.

Next investigate the "best value" mortgage package on offer - look at other things apart from the interest rate. Are first-time buyers offered any discounts - not only in relation to the mortgage itself - but also to products such as home insurance and mortgage protection? Do they offer flexibility? Can you take a payment holiday, defer your first mortgage payments for a couple of months, or can you split your mortgage between fixed and variable interest rates?

Now, look at yourself and see whether you're a "fit" mortgage candidate. Do you think that, in your current financial circumstances, you would get a mortgage? Do you have a good savings record - regular payments into a savings account show that you have the discipline to commit to managing your money. Do you have a good loan repayment history? (This will show you can meet your obligations - always make it your priority to ensure that you do not lapse on repayments). Try to minimise your credit card balances if you have them. You should now have a good idea of your financial standing and be more confident when you look for that mortgage.

Lastly, make some calls to mortgage providers that offer a mortgage to suit you. Get quotes from them to give you an indication of what you may be able to borrow. Find out about their application process; can you do it online, over the phone, or in a local branch?

Now look at that blank sheet of paper that you began with - I'd bet it's no longer blank - not bad for a couple of hours research?

You should now be prepared to take the next step - meeting the institution of your choice. The best advice is to have all the necessary documentation to hand. Try and put everything in a folder so that it's together.

Most financial institutions will look for the following: P60/letter from your employer; statements of your current/savings accounts (if you're not a customer of the institution that you're applying to); three years audited accounts if you're self-employed; photo and address ID (if you're not a customer of the institution that you're applying to); and the purchase price/building cost if you've already selected a property.

Factor in any other costs - refurbishment, car-parking, annual service charges and so on, stamp duty, amount of deposit you can pay and the source of the deposit.

So, with all that done, it's a matter of waiting to get your mortgage approved.

If you have been realistic, done your homework, and received expert advice from your institution, this should prove to be no problem.

• Catherine O'Gorman is marketing manager - mortgages with AIB