Buying a Home

curran mortgages

The truth is that buying a home isn’t an easy process. There are lots of things you don’t know and sometimes it can feel like nobody you deal with has your best interests at heart. We are here to change that. As our client you are our only focus, meaning that it is in our interest for your experience to be a positive one.
Below is a summary of the usual process, though obviously it can be slightly different depending on your circumstances.

1. Find out how much you can borrow
Your current income will determine how much you can borrow. Some lenders calculate borrowing ability by a straightforward multiple of your income while others will work out your net disposable income and then allow you borrow a percentage of that.
The Easiest Way to Get Started is to call us and ask for an initial evaluation (online or email is fine too). After a few short questions about your finances, we can give you a reasonably good estimate on a likely borrowing limit, and therefore the likely purchase price of your new home.
We are happy to incur the cost for this part of the process, which also includes an initial 45 minute meeting if you feel you need a more comprehensive discussion.

savings on mortgages

2. Get Approved
If you decide that you would like to us to help you secure Approval In Principal , it is necessary to meet with us and go through some initial paperwork and details. Once you sign our letter of engagement and terms of business, after we explain our role and any costs involved, we get working on gathering the necessary information to proceed. This can take some time, and requires effort on everyone’s part.
When we have your ‘Mortgage Pack’ prepared, we will present it to the lenders we decided are best suited to you, either on the basis of their lending rates, or the nature of your situation. For example, some institutions are better at dealing with Self Employed individuals than others.
After we get Approvals in Principle, we will call you back letting you know your position with different banks. An Approval in Principle states how much you could borrow, which gives you the confidence to look at properties within your price range.

3. After you find your dream home
Once you have found a property that matches your criteria and is within your price range, please let us know. You will have to pay a deposit on the property to the selling agent, which ranges from 10% to 20%+, but initially you won’t have to pay over the full amount. Instead, a booking fee will have be put down to secure your interest. At this point, you should inform your solicitor of the selling price and the property’s address.

We will meet with you to complete the necessary documentation, which will be submitted to the lending institute we decide on. Part of this process involves disclosure of personal information such as previous loan history, as credit checks are carried out by a potential lender at the time of application.
We also now arrange for an approved Valuer to carry out a valuation of the intended property, which is something required by your lender as part of the loan process. If you are buying off plans or if you are buying a house in need of substantial repair, it is likely a second valuation will be required before your loan cheque will issue.

If you are buying a second hand property, we always recommend to have a structural survey carried out. This will give you peace of mind regarding the current condition of your property.

4. When your loan is formally approved
Once the Valuer completes the valuation, it is returned to us. This is needed so the lender can be confident of the market value of the property that they are lending on.
We forward the valuation to the lender along with any outstanding information they may require and request the lender to issue your formal loan offer (also known as Letter of Offer) to us and to your solicitor.
The loan offer is valid, depending on the lender for 3-12 months from the date it is issued.

5. Procedure at signing of contracts
Once your solicitor is satisfied with the title to the property, you now sign contracts. The balance of the deposit is usually required at this point. When you exchange unconditional contracts, the sale of the property is irrevocable. If you decide after this stage not to buy the property, you will lose your deposit so be very sure you’re happy with everything before signing.
On your instruction, we will organise your life insurance (known as Mortgage Protection). You will also need to arrange a Buildings Insurance policy. These are both conditions stated on your loan offer and are necessary before the lender will release the funds to your solicitor. We have access to a wide range of insurance companies so we can obtain the best selection of policies and premiums on your behalf.


6. Your cheque issues and you get your keys!
Once all the loan conditions on your loan offer have been satisfied, you are ready to close.
We have to submit both Insurance policies (for life and property), which must be in force. Your solicitor will submit the legal papers to the lender and request a cheque. On completion, the mortgage cheque is paid over to the seller’s solicitor and Stamp Duty (if any) is also paid now along with your solicitor’s fee and outlay.
Your solicitor will then hand over the keys of your new home. You are now the proud owner and can move in. Now all that’s left is decorating!!

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