Steps On Buying A House | Ireland
Buying a house and obtaining a mortgage is a significant financial decision, but with proper planning and guidance, it can be a smooth process. Here are the general steps involved:
1. Make Sure You Are Financially Ready
A good first step is to talk you one of our advisors who will discuss everything mortgage related with you. They will be able to assess your circumstances and give you some advice on what paperwork will be required, how a mortgage is assessed and how to get your deposit together. Our job is to make your mortgage journey as easy as possible.
2. Apply For Mortgage Approval
If you are in a position to apply for a mortgage, we will gather all the relevant documentation from you. Our job is to package the case for the lenders and present your application in the strongest way possible. Once you receive your approval it will help you understand your borrowing capacity and demonstrates to sellers that you're a serious buyer. Here is a quick checklist of what documentation is required:
· Proof of Employment
· 3 months payslips
· 6 months bank statements
· Proof of Address and ID
3. Start House Hunting
Once you know your budget, start searching for properties that fit your criteria. Consider factors like location, size, amenities, and future resale value. You can work with an estate agent to streamline the process and find suitable options. Here are some questions you can ask the estate agent if you are interested in a property:
· How long has the property been on the market?
· Are there any current offers?
· What is the BER rating of the property?
· Is there any planning permission issues with the property?
· What year was the property built?
4. Make an Offer:
Make sure you are in a strong position when making an offer by having a letter from your lender showing that you have mortgage approval in principle. Estate agents will look more favourably on a bid when you can prove that you are ready to buy. For some tips on how to bid on a property you can read our guide - https://parkfinancial.ie/mortgage-insight.php?Insight=5
5. Sale Agreed
Once your offer has been accepted congratulations you are now sale agreed. The first thing to do is put down a booking deposit, which is fully refundable up until contracts are signed. You will then contact your broker to tell them the details of the property and how much you intend to borrow. Your broker will go through all the rates and products again to ensure you are getting the best deal.
If you are happy with everything you will need to arrange a valuation for the property and request your loan offer to issue.
6. Find a Solicitor and Carry Out a Structural Survey
The next step is to contact a solicitor who will look after all the legal items. They let you know any issues with the property e.g. title of the property, boundaries etc.
It is important that you carry out a structural survey on the property before signing contracts. This will give you an indication if there are any potential issues with the property and if any repairs are necessary. If there are any works required, you can go back to the estate agent and renegotiate the purchase price. If required, we will be able to recommend a surveyor to you.
7. Arrange Mortgage Protection and House Insurance
Before closing, you'll need to secure two insurances to satisfy the bank. The first is Mortgage Protection which clears the mortgage in the event of a party to the mortgage passing away. If you are aware of any underlying health issues it is recommended that you look for cover at the mortgage approval stage in case there is any delays in obtaining cover.
The House Insurance covers the rebuild cost of your home if it was destroyed e.g. fire. If you are buying an apartment, buildings insurance should be part of your management fee, so you don’t need to arrange this yourself. However, you may still want to arrange contents insurance before you move in. We can assist in arranging both insurances.
8. Release of Funds
A few days prior to completion of the purchase of your new home your solicitor will request the loan funds from the lender and arrange the completion of the property purchase.
9. Move In and Enjoy
Congratulations, you're now a homeowner! Move into your new home and start enjoying the benefits of homeownership while staying on top of mortgage payments
You can start your mortgage journey by making an enquiry today. We will discuss your mortgage options and, if all is in order, we will set you up on our online portal to begin your mortgage journey. Click HERE to make an enquiry.
