I don’t know anyone who has gone through the process of buying a home and said that it is not one of the most ” stressful ” times in their lives .I can only imagine what it must be like when you are managing the process from overseas and maybe in a different time zone.
There is no doubt that a house is likely to be the most expensive thing you will ever buy Choosing the right mortgage can be a minefield and the legalities of the process can be prolonged and costly .
Here are a few tips for making it all run smoothly for you .
- Before you do anything ,find out what you can borrow .
Your first step should be to meet with a mortgage broker who quite quickly will be able to give you an accurate projection as to the amount you can borrow .Please note that the Central Bank of Ireland has rules around deposits and how much you can borrow .
2. Get your affairs in order
When you apply for a mortgage you will need to provide at least six months recent bank statements .These will be examined by the banks so it’s advisable to stop any outgoings that they might query .
3. Budgeting for Fees
Some lenders offer cash incentives to take out a mortgage with them .Approach with caution as they are usually accompanied by an interest rate that is well above the rest of the market .This is attractive to some buyers as they will need to account for the extra fees that come along with buying a house such as site surveys,valuations, and of course legal fees to a solicitor for conveyancing ,however you could be paying much more in the long term.
4 Moving In .
Once all the formalities have been completed ,(signed loan offer ,arranged all appropriate insurances) you can draw down the mortgage .This is when you will finally be able to get the keys to your new home . Don’t forget to read all the meters and contact the utility companies to get yourself set up .
Finally -enjoy your new home !
Robert Whelan is Managing Director of Rockwell Financial Management and Rockwell Mortgages,contact Robert at robert@rockwellfinancial.ie if you require expert advice on these areas .
