A Step by Step Guide to Getting a Mortgage
The big question on the minds of many of our clients today! How do you secure that elusive mortgage…
Speak to a Lyons Financial Services Adviser
If you are thinking about buying your new home, then you need to be considering taking out a mortgage. At Lyons Financial Services our Mortgage Advisers are here to help at every stage of your mortgage application. We can give you lots of good advice about everything from saving for your deposit to choosing the lender that best suits your needs. Our mortgage advisers can be contacted on 01 801 5808.
Getting your documentation together
Lenders will need to see proof of your income, employment and your ability to repay the mortgage. Here’s a quick guide to what documentation you will need to gather;
- Salary cert completed by your employer
- Recent Payslips
- 6 months bank statements
Lenders require that your bank accounts are in order. Regular savings are key, both in terms of building up your deposit and to show your abillity to make repayments to the mortgage. Rent payments are seen as an advantage as they show you can manage fixed monthly repayments. If you have other loans, you must be up to date with repayments.
Approval in Principle
Once you have your deposit saved it is a good idea to get an Approval in Principle put in place with a lender. At Lyons Financial Services we will research the market on your behalf to see which lender best suits your needs.
It is worth noting that an Approval in Principle is not a legally binding agreement. However, it is invaluable when house hunting. You have the confidence to know that your mortgage has been approved and the estate agents and vendors will be happy to accept an offer on the property knowing that you have the finance in place to purchase the house.
House Hunting and Making an offer on a property
Once you find the property that is perfect for you, put in an offer. If it’s accepted you can go ahead and put down the booking deposit. This booking deposit is refundable up until the point you’ve signed the contracts for sale.
At this point, you can contact Lyons Financial Services and provide us with details of the property and your solicitor’s details. We will then arrange a valuation of the property on your behalf.
On foot of the valuation report your loan offer will issue from the lender. A copy will be sent to your solicitor along with the legal pack.
A Life Policy and Home Insurance Policy will be a condition of the loan offer. We have great deals with various providers and will be able to arrange both policies on your behalf.
Mortgage Protection Life Assurance – premiums from as little as €10 per month.
Home Insurance Policy – Competitive prices including a 20% discount for first time buyers.
The Contract for Sale
The contract for sale is a binding agreement between you and the seller. It sets out the agreed price and completion date, subject to checks and searches that must be satisfied from your point of view. Your solicitor will look after this for you. Once your solicitor is satisfied that everything is in order, you will sign the Contract for Sale and a closing date is then agreed. This is usually 2 weeks after the contracts have been signed and returned to the seller.
As soon as you have been advised of the closing date please advise Lyons Financial Services. We will then put the insurances in place, and ensure that all documents are with the lender in a timely manner to avoid any last minute delays in you receiving the loan funds. Your solicitor will request the loan funds from the lender and arrange for the completion of the transaction. After that, the keys are yours!