This is our step by step guide to mortgages for first time buyers. We hope you find the information helpful.
Unfortunately,as we are in the process of renewing our mortgage authorisation under new EU mortgage legislation, we are not accepting mortgage applications at present. We are accepting applications for Life insurance and Mortgage protection insurance .
For many of us buying a house and securing a mortgage is the biggest financial decision of our life .We strongly believe that Important financial decisions should be supported by appropriate professional advice.
Our website received over 600,000 visitors per annum and we want buyers to use the information on our site to make the mortgage decision easier.
We hope you find this guide helpful.
To find out more about us click this link. Why Us
Use our website to gain knowledge
- Our website has evolved over many years.It changes constantly to keep you informed about the mortgage market .
- Please review the latest lending criteria in the notes to our .How much can i borrow calculator
- We hope that through using the site's calculators and browsing the various articles you will gain a greater understanding of the process ,
- In essence our site is a tool for saving you money .
Information required for mortgage assessmnet
- You will need to complete a detailed application form and declarations for various lenders
- A colour copy of your id ( passport or driving license). Your adviser will need to confirm and sign that this copy is a true copy of an original document which they have sighted
- Proof of address. This can be a bank statement, utility bill or a letter of the Revenue commissioners to your home address.
- 6 months bank statements on all bank accounts
- 12 month loan statements on all loan and mortgage accounts( if applicable)
- 12 Months savings statements
- 6 months credit card statements
- Clear explanations fro any unusual or large items on your bank statements
- Cleat explanation of your overall source of funds for your deposit
- Easy to follow evidence from your bank statements that you can afford the proposed mortgage
- A salary certificate completed and signed by your current employer
- A cv and note on your future prospects
- A note on the prospects of your current employer
- Confirmation that you have completed your probationary period
- Your last two p 60's or last p 60 if you only have one
- Three months pay slips
- If self employed - you will need accounts for three years, tax clearance and an enquiry from completed by your accountant
- If separated you will need a copy of your separation agreement and details of any maintenance commitments
- If you have worked overseas you will need a credit report from the country where you worked
Meeting clients in person
Most intermediaries meet with you in person. They will arrange meeting times and venues to match your needs,
This is a key element of our process and it gives you a chance to understand fully the services provided and also gives a mortgage intermediary an excellent opportunity to identify your unique needs.The meetings covers many areas including:
- Identify your risk preferences and needs.
- Advise on their terms of business
- Completion of application forms
- Review of all supporting documentation
- Preliminary advice of lender options
- Discussion on our application process
- Financial fact find
Presentation of applications to lenders
Following an initial meeting your adviser will
- Analyse your proposal in detail
- Ensure they have have all the relevant supporting documents
- Seek explanations where appropriate to support the application
- Review lenders latest lending criteria as it relates to your circumstances
- Prepare letters of recommendation for our lenders.
- Review lenders decisions in the light of your mortgage requirements
- Where appropriate challenge the lenders decision by argument and through further supporting documentation
- Communicate lenders decision to you
Finding a house!
Finding and buying your first home is an exciting experience.It is a major decision but it is usually good fun .
- With your mortgage approval in hand you are in a position to bid and agree a property purchase.
- Buying at the right price is the cornerstone of any purchase.It is important to remember that information is your best asset.The more information you arm yourself with the better the final decision.So when you have narrowed down the area in which you want to buy make sure nothing happens there without you knowing!
- Generally a (refundable)booking deposit will secure a property deal and this deposit is followed by the seller sending a contract to your chosen solicitor.
- Our consultants are there to assist you in the negotiation process if you so wish.Don't forget this Is a buyer's market!
- The good news for first time buyers today is that house prices are probbaly around 35% cheaper than they were at their peak and there are plenty of bargains out there when compared to prices of 12 months ago.
- We also strongly advise( if for some reason you don't choose us) that you never to engage a mortgage advisor who is part of a estate agent business.There is a clear conflict of interest in such a situation and it works against you.
- Remember that Estate agents act for property sellers so you can take it that they are not acting in the buyers best interest. Neve tell an estate agent your mortagge approval limit!.
Choosing a solicitor and arranging insurance
- We operate a group home insurance scheme through Aviva and another referral scheme through Zurich insurance. In this regard we are limited to providing quotes from these two reputable home insurance providers and you are of course free to seek quotes elsewhere.
- We act as an intermediary for all of Ireland's leading life companies and will provide the best quotes available in the market for your life and protection needs.See our insurance section for a quote or visit www.lifeinsurance.ie
- We can suggest a numbered of solicitors offering competitive pricing although we recommend that your choice of solicitor be firmly based on service and reputation.
- We have recently added structural surveyors to our panel .We recommend that astructural survey be undertaken in all house purchases.
Signing offer letters and contracts
- Having agreed a sale ,paid a booking deposit and appointed a solicitor ,the next step is for us to arrange a valuation of your property.
- We will arrange this for you and the valuation will be forwarded to the chosen lender ,who in turn will issue a formal mortgage offer letter in respect of the property.
- We will review the financial element of the offer and ensure that it is in accordance with your requirements.Your solicitor will review the legal element of the offer letter and advise in this regard.
- Around the same time the seller's solicitor will issue a contract for sale of the property to your solicitor.
- Your solicitor will not let you sign contracts for the purchase of the property unless the offer letter is in order.You will need to attend the solicitors office to sign both the offer letter and the purchase contracts.
- Following the completion of the purchase the contracts are returned to the seller and a closing date is agreed.
- We will ensure that the life cover and home insurance is in order prior to closing and that any special lender conditions are dealt with prior to closing.
- A few days prior to closure the solicitor will request the loan cheque from the lender and will arrange for the completion of the transaction on the closing date.
After that its all yours!!!!