MORTGAGE GUIDE STEPS
We Make The Journey As Easy As Possible
Work Out Your Budget
Mortgage Calculator
Tips
- The standard mortgage amount will be 3.5 times your/combined salary
- You cannot take out a mortgage for over the property value e.g. for renovation, you will need a separate loan for this
Save
Tips
- Having regular monthly outgoing transfers/deposits to a savings account will give your lender a record to view on your repayment ability
- Deposit is 10% of the property for first time buyers, 20% for second time
- Setting up a standing order (DD) from your personal account into your savings or mortgage saving account will look favourable to your lender
- Avoid temptation by setting up a savings/mortgage saver account that you cannot withdraw from prior to a weeks’ notice
Apply For Your AIP
Apply for your Approval In Principle with
a mortgage lender
Tips
- This will last for 6 months, if you are searching for your home longer you will have to apply again
- This is not a gurantee, this will just give you an idea of what you can borrow
- Try to have any outstanding loans/debts payed off at this point for your application to run smoother
Find A Property
Search for a suitable property within your
budget
Tips
- If you are not sure about an area, you can ask the local Garda station
- It’s always good to get a second opinion, have a friend or family member view the property also (be it online or in person)
- Don’t be afraid to ask questions e.g. how long has it been since work was done? Is there management fees? What contents are included in the purchase?
Source A Solicitor
Find solicitor here
Tips
- You will not be able to borrow money for your solicitor fees but you may be ‘gifted’ the amount from a blood relative, you can request a gift form from your lender
- Pick up the phone! Talk to the solicitors and trust your instinct
Letter Of Offer
Apply for a property specific mortgage
letter of offer from your lender
Tips
- You may change the property address if you change your mind/bid falls through, it will be re-assessed by your lender
- The longer the repayment term you choose the lower the repayments but please note you will end up paying more interest overtime
- Your lender will usually require – 6 months bank statements, 3 months credit card statements, 3 recent payslips, a report/letter stating your employment status
Bid On Desired Property
Tips
- Do your research, you can google search the value of properties recently sold in the area, this will give you an idea on how much higher/lower the property may go for
- Some people like to bring in the surveyor at this point which shows the auctioneer you are serious about the property and committed
- If your offer is accepted, request it is on the ground the property is removed from the market
Agree Sale
Agree sale and place deposit with
Auctioneer
Tips
- Keep receipt of your deposit for your lender
Get The Property Valued
You will need to get the property valued
Tips
- Your lender will only accept certain valuers, they will have a list of approved businesses you can request
- Valuation report usually costs around €150
Property & Mortgage Protection Life Insurance
Get your property & mortgage protection
life insurance
Tips
- You may have difficulty getting mortgage protection insurance during the COVID-19 pandemic if you have or recently had serious respiratory illnesses, a report from your Doctor on your recent health will assist with your application
- Your mortgage protection monthly cost may vary due to lifestyle/health conditions
Complete
Contracts
Complete contracts with your solicitor
Tips
- You will need to pay your 1% stamp duty fees to your solicitor as well as the conveyancing costs
- Your solicitor will do the rest and transfer the drawn down funds from your bank to the seller/solicitor
Giving you the best mortgage choices