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The Buying Process

For your convenience we have created a step by step buying process to aid you in your mortgage and purchasing decisions. The process is not as daunting as many first time buyers might have thought.Our goal is to simplify the process for you and to ensure you receive proper advice and a mortgage facility to meet your long term needs.

Step 1 - Check your finances

- Calculate how much you can borrow, remembering to budget for any stamp duty and fees.
- Calculate how you will fund your deposit. In most circumstances the maximum lending facility is 92% of the purchase price (100% mortgages are available for certain qualified professionals - Qualified Accountants, Doctors, Opticians, Solicitors, Dentists, Vets and Physiotherapists).
- Deposit options available include savings or gifts from family / friends.
- Establish clearly if any form of parental guarantee may be available to assist with the purchase.

Step 2 - Your mortgage application

- Make an online mortgage application with The Mortgage Advice Store
- The Mortgage Advice Store will review your application and contact you within 24 hours to advise you in principle of the level of mortgage available to you.
- You will be advised of exactly what documentation is required
- A meeting will be arranged at a time and venue to suit you.
- A Mortgage professional from The Mortgage Advice Store will outline the various mortgage products available within the Irish mortgage market recommending the best to suit your individual circumstances.
- The Mortgage Advice Store will submit your application to a range of irish lenders pre-agreed between yourself and your mortgage consultant.
- A formal mortgage decision will be issued between 2 - 5 working days.

Step 3 - Your new home

- If you have not already found your dream home now is the time to start looking bearing in mind your budget and the possibility of stamp duty. Use our helpful buying checklists to ensure your head also has a say in your choice and not just your heart.
- Contact your solicitor once you have secured your new home (you will be asked to pay a booking deposit on the property) - legal fees are typically .75% of the asking price + outlay and VAT.
- The Mortgage Advice Store have special arangements with a number of solicitors offering significantly lower legal fees than the rate quoted above.

Step 4 - Life and Home insurance requirements

- To close your mortgage you must have home and life cover.
- On request The Mortgage Advice Store can supply you with a competitive quote for life insurance.
- The Mortgage Advice Store will inform the lender of your new address and finalise your mortgage approval.

Step 5 - Finalising the deal

- Having chosen your property and paid the booking deposit The Mortgage Advice Store will arrange a valuation of your new home and submit this valuation to your chosen lender (typical costs are 127 euro)
- The lender will issue a formal mortgage offer letter to yourself and your solicitor.
- Once you have satisfied yourself with the terms of your offer you will be ready to sign the contracts for your new home, the remainder of the 10% deposit minus the booking fee will be paid by your solicitor. The contracts will state your closing date - the date the house officially becomes yours.
- On closing the sale your solicitor will get your mortgage cheque from your Irish mortgage lender and pay the vendor.

Congratulations - The keys are now yours, enjoy your new home!

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Mortgage Advice Store Ltd is regulated by the Central Bank Of Ireland

Variable rate warning: The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home. The payment rates on this housing loan may be adjusted by the lender from time to time.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it

Fixed rate warning: You may have to pay charges if you pay off your fixed-rate loan early

Interest only warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period

Debt consolidation warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term

Endowment loan warning: There is no guarantee that the proceeds of the [Insurance Policy / Pension Policy] will be sufficient to repay the loan in full when it becomes due for repayment