With this in mind we have designed this mortgage guide to outline
the steps involved.
1. Establish how much you can borrow
Most institutions have different lending criteria, and as such
the amount you can borrow will depend on the mortgage company/bank
you choose. To establish how much you can borrow you need to discuss
your details with one of our experienced mortgage advisors.
2. Get approval
Once you have completed our online application form and forwarded
the relevant documents to our office we will have an Approval
in Principle for you with in 24-48 hours. This will state the
amount you can borrow (subject to the usual terms and conditions
being fulfilled). This will give you the confidence to look at
properties within your price range.
3. Assess the cost
There are significant costs associated with buying your first
home.
Legal Fees: Legal fees are normally in the region of 1-1.5%
of the purchase price of the property plus 21% VAT.
Valuation: A professional valuer has to prepare a valuation
report on the property you wish to buy, you would expect to
pay €130 for this.
Mortgage Protection: This is a requirement with every mortgage.
A list of the best rates on the market will be made available
to you.
4. Formal Loan approval
When you have decided on the mortgage package that suits you best,
we will organise your formal loan approval. It is at this stage
that you will sign your contract for the property.
5. Completion
Once the standard conditions of the loan offer have been fulfilled
the mortgage cheque will be release to your solicitor. The solicitor
will then transfer the fund to the vendor or estate agent dealing
with the sale of the property and then the deal is complete.
