As steps in life go, buying a home is certainly one of the big ones. But if you know what’s involved in the mortgage process, you can see it instead as a number of small, easily-managed steps. What’s more, you don’t have to take them on your own. We are here to help you, providing as much guidance and advice as you want or need. Every step of the way.
If you’re a first time buyer, you need to allow time to get yourself mortgage ready. Start as soon as you can. Because the moment you begin preparing, you’re moving one step closer to the day you move into your new home.
1. Save your deposit
Open a MortgageSaver account.
2. Find out how much you can borrow & get House-Hunter Approval
You will need to know what you can afford before you start looking for the right home – our calculator at bankofireland.com/mortgages can give you a good indication.
We will help you through your mortgage application. If it is successful, we can give you a “House Hunter” approval if you have not yet found a suitable property – it lets you search for your new home with confidence.
If your application is not successful this time, don’t lose heart. There may be steps you can take to improve your chances of approval – e.g. a longer savings period or a reduced loan amount. We’d be happy to talk you through your options.
3. Choose a location & find the right home
Once you’ve found the home that’s right for you, let us know the address and the purchase price.
4. Get your Letter of Offer and appoint a solicitor
We will send a loan offer pack to you and to your solicitor. It will contain your Letter of Offer, the European Standardised Information Sheet (ESIS) with full details of your mortgage and the terms and conditions of your loan.
5. Get a property valuation
We will give you the name of an approved valuer who can carry out a valuation for us before the loan is drawn down. We always recommend that you get a surveyor’s report as well, for your own peace of mind, which can uncover faults that aren’t easy to see. In some cases we may require that you get one, particularly if the house you’re buying is older.
6. Arrange home insurance & life cover
At this stage, you should arrange the appropriate Life Assurance and Fire Insurance policies to protect both you and the property. These will need to be in place before you can draw down your mortgage. Ask us about our great value Home insurance and Life cover*.
7. Exchange contracts and pay your deposit
Your solicitor and the seller’s solicitor will tie up the details.
8. Draw down your mortgage
We will draw down your Mortgage and issue the funds to your solicitor to complete the purchase.