10 Steps To Getting a Mortgage

10 Steps to Getting a Mortgage

1. Making Contact.
One of the first questions you’re likely to ask is “how much can I borrow?”. The good news is that Advocate Financial Services Kilkenny can provide you with an answer very quickly. So make an appointment with a Qualified Mortgage Advisor by phoning us or emailing us to arrange to meet as your first step towards buying your home.

Your first meeting needn’t take long: you want quick answers to your mortgage queries and we will happily oblige. Allow yourself an hour. In the meantime you can get a “Quick Quote” at 1890 909 666. This will give you a rough indication of how much you can borrow.

TIP: By choosing an Independent Broker like Advocate Financial Services, you will have access to numerous lenders under one roof, thereby saving you time and energy.

2. Applying for your Mortgage

Your Advocate Mortgage Broker will also advise you on what documentation is required by the varying institutions and will provide you with a Mortgage Checklist to make it simple. This Checklist will vary depending on your employment status as follows:

PAYE/Contract Applicants

• P60 and 3 Recent Payslips
• Salary Certificate completed by your employer
• Personal Bank Account Statements for last 6 months
• Savings Account Statements
• Loan Account Statements

Self Employed Applicants

• Personal Bank Account Statements for last 6 months
• Business Account Statements for last 6 months
• Audited Accounts for last 2 years

To comply with legislation, all customers who wish to obtain a mortgage, need also to to provide:

• A current passport or an Irish/UK Driving Licence
• An original, recent household bill, such as electricity, gas or landline phone bill, containing your name and current address

Advocate Financial Services will assist you in finding the best Mortgage for you and they will assist you in filling out your Mortgage Application forms and submit them on your behalf to your chosen Financial Institutions with the above supporting documentation.

3. Choose a Solicitor
Buying a new home is a big financial decision and making sure that everything is done properly provides a real peace of mind. To ensure that it is completed professionally and legally, you need to employ a solicitor. Your solicitor will look after all the legal work involved in buying your home and will inform you of the likely timeframe involved to complete the purchase.
Advocate Financial Services can recommend a Solicitor in your area if you don’t have one or you may use your existing solicitor.

4. Approval in Principle
A letter of Approval in Principle will be issued by each of the Financial Institutions prepared to offered you a mortgage. At this point, you and your Qualified Mortgage Advisor will analyse your options and pick the mortgage approval that bests suits your needs.

5. Property Valuation
Once you have decided to proceed with a particular institution, and before you do anything else, a property valuation will be required by your chosen Mortgage lender. This valuation will be carried out by a member of a Valuation panel in your area, on behalf of the Mortgage lender to confirm that the property is worth at least the amount that you are paying for the property and is deemed to be a suitable property to be mortgaged.

TIP: Advocate Financial Services can advise you of the list of Panel Valuers in your area and can arrange your property valuation on your behalf.

6. Letter of Offer
On receipt of a satisfactory property valuation and on satisfaction of any other conditions on your Approval in Principle, your chosen Mortgage lender will issue a Letter of Offer whereby you a formally offered a mortgage for the chosen property and the necessary legal papers are issued to your chosen Solicitor. You then make an appointment with your Solicitor who will read through the conditions of the Letter of Offer, and if you are happy to proceed, they will complete the paperwork and you sign your acceptance and return it.

7. Home Insurance and Life Assurance
In order to complete the mortgage, it is a requirement of the Mortgage lender that you take our Mortgage Protection and Building Insurance before they will issue the mortgage cheque. Advocate Financial Services can help you arrange your home and contents insurance and life assurance products as we deal with all the majority Life Companies operating in the Irish Market and some of the General Insurance providers.

8. Exchange of Contracts
Once your offer on the property has been accepted by the seller and your mortgage has been arranged, you can breathe a huge sigh of relief. Your Solicitor will then confirm back to the seller in writing your willingness to proceed and will complete the legal searches to confirm the property details and deed of ownership and title are in order. The sellers solicitor will draw up a contract which your solicitor will examine. Once you have signed your contract, you will pay a contract deposit, usually 8%-10% of the contract price. Your solicitor confirms the balance of paperwork and confirms the timeframes involved. You are now committed to buying the property

9. Step over the Threshold
You’re almost there. The next step is to arrange a date and time for completion. This is when you advise your Mortgage Advisor at Advocate Financial Services that your Solicitor requires the Mortgage cheque in order to complete the purchase. Your Mortgage Advisor will liaise with the Mortgage lender to release the cheque to your Solicitor in good time. This is when the solicitor pays the rest of the money owed to the seller. Once the payment has been completed, your solicitor will arrange a time for you to collect your keys.

10. Keys
Congratulations, you now get the keys to your new home