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First Time Buyers

first-time-buyersEven experienced home owners find buying a property/ remortgaging their home or consolidating their debts, a baffling and confusing experience. For first time buyers without advice it can be even more baffling. That is why, at Mortgage Horizons, we have professionals available to provide first time buyers with the expert advice and support on their mortgage that they require.

The process is not as daunting as many first time buyers might have thought. Our goal is to simplify the process for you and to ensure you receive proper independent advice and a mortgage facility to meet your personal circumstances.

Finances

It is extremely important for any buyer to ensure that their finance is in place – don’t even start looking before you obtain approval from a financial institution, this way you know your budget & your limit. Approval lasts for up to six months.

The main reason to have your finances in order before you start house hunting is that an estate agent will not take you seriously if you have not got your mortgage finance in place. They will put your bid forward but they will never go to ‘sale agreed’ with a buyer without finance. Also if your finance is in place you are often more attractive to the vendor.

Things to check:

  • How much can you borrow
  • How do you intend to fund your deposit, in most cases this will be a minimum of 8% of the purchase price.
  • Have you savings or how can you secure your required deposit amount – gifts from family
  • What are your additional costs – at Mortgage Horizons we do not charge a fee so your costs to complete on the mortgage are your valuation fee of c. €150 and your legal fee along with a survey if you decide to carry out a survey.

Your mortgage application

Lenders will look at your employment, income and current evidence of repayment capacity. Our role is to work with you to present the strongest and most positive application to the lenders on your behalf.

Lenders like to see permanency of employment and in some cases will not lend when an applicant is within their probationary period or on contract.

In looking at repayment capacity the lender will look at current outgoings on rent, savings, any loans that will not be in place post draw down of the mortgage. What we at Mortgage Horizons try to do is give the underwriter comfort that repayments can be met based on current commitments and savings which will now be focused on the mortgage repayment.

Your first step should be to call or email Mortgage Horizons Ltd for a quick consultation & a step by step guide through the mortgage application process.

As our financial consultants have access to the lenders underwriting criteria and underwriting calculators we will be able to advise as to whether your application is likely to be accepted.

We will assess your information and run some numbers for you looking at the maximum level of approval the lenders are likely to extend to you and the repayments thereon. We will also send you a schedule of repayments that will give you a guide as to your monthly commitment based on current rates and various mortgage amounts.

One of our Financial Consultants will outline the various mortgage products available from our providers recommending the best to suit your personal circumstances.

If you decide that you would like to proceed to secure approval in principal from the lenders then you will be advised of exactly what documentation is required & what any forms you will need to complete.

Once all documentation is received we will package your application, including a full assessment and review of the application and get it to the lenders for formal approval (Approval in Principle – “AIP”). This approval should be received from the banks in c. 10 working days

Other Considerations…

See mortgage products and rates here.

Contact one of our mortgage advisors today – info@mortgagehorizons.ie or 01 6624595.

 

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

 

WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY.