Your First Mortgage

HOW TO GET YOUR MORTGAGE
And what to do when you get it
 
Unless you’re lucky enough to have the price of a house in cash you’re going to need a mortgage to buy your home. There are lots of different mortgages on offer, so you don’t have to take the first one you see. The first thing to do is work out how much you can afford to repay and then go looking for the best value you can get for your repayments.

Talk to someone
Your own bank or building society will have a dedicated mortgage advisor who can explain all about it. Alternatively, you could go to a mortgage broker who will help you to choose the mortgage provider that suits you best.

Pick a solicitor
You will need a solicitor to carry out all conveyancing for your new house purchase. You can use a family solicitor or shop around to get the best deal on legal costs, though it’s advisable to use a local solicitor who’s familiar with all legalities in the relevant area you may be purchasing in.

Get your paperwork in order
When making your loan application you will need documents to prove you will be able to make the repayments on your mortgage. Once you have all your paperwork in order you can make a proper application for a Loan Approval Certificate.

Loan Approval Certificate
Your mortgage provider can give you a Loan Approval Certificate or an approval in principle on your application. This means you know exactly how much you can borrow before you go looking for your new home. It also means that, once you have found the home you want, you can put a Booking Deposit on it to keep it.

Find your property
Check various auctioneers websites & various property websites e.g myhome.ie weekly & register with local auctioneers for any New & 2nd hand homes which may come up in the near future in your preferred areas.
 
Pay the booking deposit
Once you’ve found your dream home you can put down a deposit so you don’t lose it. This is usually €3-5K which is paid on agreement of purchase price. This is fully refundable until contracts are signed, which is normally 3-4 weeks after booking deposit paid.
 
Formal Loan Offer
Once you have chosen your house and paid your deposit your mortgage provider can give you a Formal Loan Offer. Simply call you mortgage advisor & give them the details of your new house purchase-address, price, solicitor etc. This will contain all loan particulars such as rate, terms & conditions of repayment. Your solicitor will be sent a copy of this as will you via post. A formal loan offer is required before you can sign contracts.
 
Signing of Contracts
This is formal signing of contracts usually 3-4 weeks after the booking deposit has been paid. In New Homes purchases the Builder may look for 5K booking deposit and 10K on signing of contracts although its totally at the builder's discretion as to how much has to be paid up to a maximum of 10% of Purchase Price at Contract Signing Stage.
 
In Second hand purchases its normal that a deposit of 8-10% of the Purchase Price is handed over at Contract Signing Stage.
 
Insurance
2 insurances are compulsory for your first Homeloan - Mortgage Protection (Amount payable on a death) and Home & Contents Insurance for the house.
 
Loan documentation to lender
On receipt of your Formal Loan Offer there will be o/s conditions that will need to be satisfied prior to you cheque being released from the lending institution to your solicitor. You should go through loan offer in full with your broker & solicitor on receipt of this.
 
Completion
This is when you finally get the keys to your new house. All details will be finalized you will sign some final papers with your solicitor and then you move in and start to make a house YOUR HOME.