Step 1 - Saving for your deposit
This step is the one where you get your ducks in a row. Figure out the cost of houses in the areas you would like to live in. Ascertain how much you will need to save for a deposit, remember first time buyers only need to save 10% of the value of the mortgage they require. Everyone else needs to save 20%. It is a good idea to clean up your accounts at this point. For example, a consistent monthly amount should be set aside for savings and rent payments should be marked as ‘rent’ in your monthly transfer. This makes it easy for lenders to see that you are able to save and monthly debts are paid back on the due date. Remember you will need to save for the stamp duty payment which will be 1% of the cost of the house and for the professional service providers fees too.
Step 2 - Finding Finance
You reach the finding finance step about a month before you have all of your savings in place. This is when you should approach a financial advisor / mortgage broker. We always recommend that you speak with an independent broker and one with access to all nine lenders in the Irish market, that way they can approach lenders on your behalf and come back to you with the best mortgage product that fits in with your needs. Lintil will introduce you to a best in class broker with a click in the app. The goal at this step is to get mortgage approval in principle which is the ‘passport’ you need to start the house hunt.
Step 3 - Mortgage Approval in Principle
Reaching this step is a milestone and no mean feat! It means that a lender in theory will give you a mortgage, it states the amount they could lend you, based on some initial checks. It usually lasts six months and is generally easily extended if your circumstances don’t change. Once you have it you can start viewing houses. Lintil have some great viewing checklists you can avail of in the web app. At this stage it is a great time to engage a solicitor so you are prepared when you do find your dream home, just click in the app and Lintil will arrange a call for you.
Step 4 -Bidding and Negotiating
Finding your dream home is one thing but successfully negotiating and securing it is another. Most properties will have an advertised asking price but it’s a good idea to do your homework prior to making a bid in order to get an idea of recent sale values in the area. There are a few horror stories at the minute as the demand for property is high and supply is low. This step can be challenging but hang in there, we know you can do it! Lintil has a handy bidding guide we hope you will find helpful in the ‘tools’ section of the web app.
Step 5 - Sale Agreed
You have done it, getting to ‘sale agreed’ on your dream property is a real achievement! This is when the wheels really get into motion and you are one step closer to holding those front door keys. Your solicitor will start the legal process (the conveyance) and in the meantime you can tick off a few other jobs like getting your insurance policies ready and engaging a surveyor to survey your new property. The two insurance policies, your home insurance and your mortgage protection insurance, will protect your home if something happens to it and pay the remaining balance of your mortgage if something happens to you. Lenders require you to have both if you are purchasing a property in Ireland. The surveyor will complete a comprehensive inspection of a property for the purpose of identifying if any remedial repair works are required. Log into lintil and we will arrange our partnering insurance provider and surveyor to reach out to you.
Step 6 - Survey Complete
Once you have your survey complete and are satisfied your new home is structurally sound, it is a great time to organise the last few bits of the puzzle while you wait for your solicitor to review the title of the property. Lintil can put you in touch with our partnering utility company and alarm company. It is a good time to get in contact with them so you are ready to go when you get your moving date.
Step 7 - Contract Signed
Amazing you are on the final steps of the journey now. When you sign your contract you will pay a 10% deposit, this is a non-refundable deposit so if you have been thinking of backing out do it before you sign! At this point, you should activate your mortgage protection policy, get back in touch with your insurance provider and ask them to complete this step. Once this has been completed your solicitor can draw down your mortgage funds. Once the mortgage is in place it is time to get in touch with the estate agent to get those keys!
Step 8 - Get your keys !!
Pop the champagne you have made it, settle in and enjoy! If you are planning on renovations, new floors, windows or doors, log back into Lintil and we can help you arrange those final details to make the dream really come true.