For many of us, buying a house and securing a mortgage is the biggest financial decision of our life. We strongly believe that important financial decisions should be supported by appropriate professional advice — here's what to expect at each stage.
1. Use our website to gain knowledge
Our site evolves constantly to keep you informed about the mortgage market. Please review the latest lending criteria in the notes to our "How Much Can I Borrow" calculator. Using the site's calculators and browsing the various guides should give you a much better understanding of the process — in essence, it's a tool for saving you money.
2. Gather the information required for mortgage assessment
Being organised makes life so much easier when it comes to arranging mortgage approval. The normal documents required for a PAYE applicant are:
- A colour copy of your ID (passport or driving licence)
- Proof of address — a bank statement, utility bill, or a Revenue Commissioners letter dated within the last 3 months
- 6 months' bank statements on all accounts
- 12 months' loan statements on all loan and mortgage accounts (if applicable)
- 12 months' savings statements
- 6 months' credit card statements
- Clear explanations for any unusual or large transactions on your bank statements
- A salary certificate completed and signed by your current employer
- Your last year's earnings summary (available on the My Account section of the Revenue website)
- 3 months' payslips if paid monthly, or 8 consecutive payslips if paid weekly
If you're self-employed, you'll need signed financial accounts for three years, tax clearance, three years of Form 11 and Chapter 4 assessments, six months of recent business current account statements, and a note on the history of the business and future prospects.
3. Meet your adviser
We like meeting our customers in person — to say hello, verify ID as required by legislation, and discuss your risk preferences and needs, review your supporting documentation, and give preliminary advice on lender options. Video and digital verification can also assist where a face-to-face meeting isn't practical.
4. Presentation of your application to lenders
Following your initial meeting, your adviser will analyse your proposal in detail, ensure all the relevant supporting documents are in order, review the lenders' latest lending criteria as they relate to your circumstances, and prepare letters of recommendation. Where appropriate, we'll challenge a lender's decision with reasoned argument and further supporting documentation, then communicate the outcome to you.
5. Find a house!
With your mortgage approval in hand, you're in a position to bid and agree a property purchase. Buying at the right price is the cornerstone of any purchase — information is your best asset, so keep a close eye on the property register in your chosen area and talk to estate agents and developers.
A refundable booking deposit typically secures a property deal, followed by the seller sending a contract to your solicitor. Remember that estate agents act for the seller — never tell an estate agent your mortgage approval limit.
6. Choose a solicitor and arrange insurance
We operate a group home insurance scheme through Aviva and a referral scheme through Zurich, and act as an intermediary for all of Ireland's leading life companies to get you the best mortgage protection and life cover quotes available. We can also suggest solicitors offering competitive pricing — though your choice should be based on service and reputation — and recommend a structural survey for every house purchase.
7. Sign offer letters and contracts
Having agreed a sale, paid a booking deposit and appointed a solicitor, the next step is arranging a valuation of the property. Once this is forwarded to your lender, they'll issue a formal mortgage offer letter — we'll review the financial element and your solicitor will review the legal element. Around the same time, the seller's solicitor issues a contract of sale to your solicitor, who won't let you sign until they're satisfied with the title and the offer letter.
Once contracts are signed and returned, a closing date is agreed. We'll ensure your life cover and home insurance are in order and any special lender conditions are met prior to closing — and a few days before closing, your solicitor requests the loan cheque from the lender to complete the transaction. After that, it's all yours!
