Here is a quick summary of what to expect during the application process.
Follow our step by step guide to moving and soon you could soon be in your new home.
1. Our borrowing calculator will give you an indication of how much you can afford.
2. Meet with one of our qualified mortgage specialists who will explain all of your options – choose the channel which is most convenient for you:
- Request a call back;
- Make an appointment in your local branch; or
- Make an appointment with one of our Mobile Mortgage Managers at a time and place convenient for you.
3. Find a property – when it’s time to kick-off your property search start to build up relationships with estate agents and browse property websites.
Decide where you want to live and identify a suitable property, which meets your needs.
4. If you are not a first-time buyer, you will need to put your existing property on the market for sale.
Talk to your local estate agents and they will guide you through this part of the process.
5. When you are buying and selling a home, you will need a solicitor to act on your behalf to complete the legal work required.
We will also send a copy of all loan documentation to your solicitor. Your solicitor will complete various searches, check the tenure of the property you are buying and liaise with your bank and the seller of the property.
Your solicitor will also deal with the sale of your existing property. This can take some time depending on each individual purchase and sale. There may be a time delay between you selling your existing property and buying your new property.
6. If the application for the mortgage to your new property is successful, we will send you a fully underwritten Approval in Principle letter outlining the next steps and documents required.
When you have returned the necessary documents and assuming they are all in order, we will send you out a formal Letter of Offer. If we need any further documentation we will request it from you at this stage.
7. You will already be aware of the expected sale price of your existing property from your dealings with your estate agent.
At this stage your property should be on the market and on its way to being sold. Once you have contracts for sale signed, let your mortgage specialist know.
8. Once we receive your signed loan documentation, we will arrange for the new property to be valued and talk to you about putting mortgage protection in place.
9. Exchanging Contracts - you will need to pay a deposit to the seller, usually through your solicitor, once both parties have signed the same contract.
After this, there is a legally binding agreement between you and the seller to complete the transaction. It is a legal requirement that you have buildings insurance in place covering the property you are buying.
By law, you also need to take out a mortgage protection policy when you take out a mortgage. That way, if you were to die before your mortgage was paid off, the remainder of the loan would be paid off and your family wouldn’t have to worry about any unnecessary debt.
10. Moving In - your solicitor will liaise with us to transfer the mortgage amount to the seller once all the contracts are in order and have been signed.
At this stage, you will also pay the stamp duty owing together with your legal fees.
You will get the keys to your new home and be able to move in!
Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland