Mortgage 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

• We can calculate how much you can borrow and budget for all associated costs including stamp duty and legal fees.
• We can calculate how much you will need for your deposit. The maximum lending facility is 90% of the purchase price or valuation ( which-ever is the lower)
• Are any parental gifts available to assist with the purchase?

Step 2 - Your mortgage application

• Call or email us for guidance and we can assist you in the process
• We will advise you of all documentation required
• We will review all the paperwork and contact you promptly to advise on the level of mortgage approval a lender may provide
• We will arrange a meeting at a time and venue to suit you
• A mortgage advisor will call you and outline the various mortgage products available
• We’ll set out suitable recommendations for your specific circumstances
• We’ll package and present your application to the mortgage underwriters to its best advantage for formal loan approval. The way in which we present your mortgage application to the lenders can make a difference
• Formal mortgage decision is issued by the lender within 10 to 12 working days

Step 3 - Your new home

• If you have not already found your dream home then now may be the time to start looking. Keep in mind your budget and all associated costs.
• Contact your solicitor once you have paid a ‘refundable booking fee’ to the selling agent.
• The Mortgage Advice Store can recommend a number of solicitors offering competitive rates for property purchase /convenance.

Step 4 - Life and Home insurance requirements

• To complete your house purchase you must put in place home and life insurance. It’s best to have cover in place 10 to 14 days before the closing date; being the day you ‘get the keys’ on your new home. (life assurance equal to the mortgage loan amount on your family home is required under the Consumer Credit Act. The lender will also require a ‘letter of indemnity’ from the insurer noting their interest on the property)
• Mortgage Advice Store can assist you in finding the lowest market premium for your associated insurances.

Step 5 - Finalising the deal

• Having chosen a suitable property and paid a booking-fee we then request the lender to instruct their mortgage valuer to carry out a ‘valuation’ of the property (cost is circa €150)
• On receipt of the valuation report the lender issues a formal mortgage letter of offer to you together with a legal package to your chosen solicitor.
• Once your solicitor has fully examined the title deeds and carried out the necessary checks then you are ready to ‘sign contracts’ for the purchase of your new home. The remaining 10% of the deposit (minus the booking fee) is paid over to your solicitor. The contracts will have a ‘closing date’ - the date you receive the keys and the house officially becomes yours.
• To close the sale your solicitor will have received mortgage funds from the lender and transferred the balance owing to the vendors/seller’s solicitor.

Congratulations - The keys are now yours, enjoy your new home! “Cheer’s to new beginnings and amazing memories in your new home”!